The much ballyhooed housing bubble isn't happening Las Vegas, a real estate consultant said Tuesday.

At a housing seminar at the Four Seasons, Tim Sullivan, principal of San Diego-based Sullivan Group Real Estate Advisors, said a housing bubble would defy all fundamentals of the local market.

"The market's not going to hell in a hand basket, and our safety net is California," he said.

Sullivan said Las Vegas can't have a housing bubble with this kind of job growth and in-migration and when land is hard to find and there's not much housing inventory. Any talk of a housing bubble is probably coming from outside the market, he said.

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