Looking for the burst bubble

I have heard and keep hearing about the "housing bubble" followed quickly by "the burst housing bubble"...I've pulled the statistics for Clark County, (basically Las Vegas and Henderson) and I definitely see a rapid increase between 2003 and end of 2005, but I'm having a tough time trying to find the rapid decrease, or that "burst" thing. What I found surprised me, because even though I've never bought into all of the doomsday rhetoric, I have noticed a slow down and a drop off in prices...here's what I found statistically;

I looked up the year end median sold price of detached SFR and Condos;

(Definition: Median is a mathematical result that indicates that one half of the group is higher and one half lower. Median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them.)

Clark County SOLD Median Price

year end 2004

Single Family Detached-$275,000 Condo/Townhome-$170,000

year end 2005

Single Family Detached-$312,500 Condo/Townhome-$204,000

year end 2006

Single Family Detached-$306,100 Condo/Townhome-$196,000

June of 2007

Single Family Detached-$306,000 Condo/Townhome-$194,250

I think if you look at those statistics, you will also be a bit confused about that whole bursting thing...I mean when I eat too much and I "burst" out of my jeans, there is usually a loud ripping noise as the button blows off and of course the inevitable flow of protruding gut over my belt line...what I'm seeing above just makes me think of a slight bulge of gut still trapped behind my jeans after I've eaten a little more than I should. In other words something pretty obvious...picture Rosy O'Donnell in Paris Hilton's bikini...(now that would be a bursting)

Of course generalizing our market like this doesn't necessarily give a clear view for individual areas. There are subdivisions in Las Vegas and housing types that have actually gone up in value this year. The Spanish Trail subdivision is an example of a sub that has gone up, but where we are seeing strong sales right now is in High rise and mid rise living. As a whole though Las Vegas/Henderson has seen big slow downs in SALES VOLUME and a slight decrease in values. The averages I've seen are anywhere from about 2% to as high as 14% depending on sub.

Again, I'm just tired of hearing about how prices have dropped off so dramatically...subdivisions that had incredible increases, will also show more dramatic fall offs, but as whole over the last 4 to 5 years, values will be up. Unfortunately we live in a world where people stand in front of microwave ovens screaming, "Hurry Up, I want in NOW DADDY!!!!" (pardon the Verruca Salt reference) Real estate is an investment that you have to hang onto for about 3 to 5 years, usually, to see dramatic increases in value...Of course if anyone can show me statistical information supporting this bursting thing in Clark County, I'd love to see it....