May home sales in Las Vegas were the highest since 2006. The Las Vegas median home price was $117,000 – the lowest sign 1995.

There has been a flurry of recent reports that home prices have risen this Spring: Case-Shiller, The National Association of Realtors, and CoreLogic are all reporting strength in home prices. But, are home prices really going up? What’s actually going on here?

Without season-adjustments, CoreLogic reports that the national median home price rose 0.8% from April to May, 2011.

I was reading some of the comments on a post at Calculated Risk about the latest foreclosure and mortgage delinquency stats from LPS, when one comment jumped out. Not that it was saying anything revolutionary…just a simple reminder of how far we still have to go.

Too Big To Fail: The 2008 Financial Crisis Ponzi Scheme