The North Lake Tahoe Bonanza has a rare look at that Nevada housing bubble. "More of Carson City's high-end homes are hitting the market this year. Now that the housing frenzy has slowed considerably, buyers have time to check out all their options. Last year, four homes priced more than $1 million sold in Carson City; two months into the new year, nine are on the market."

"'We've already got more (high-end homes) on the market this year than last,' said (agent) Bob Fredlund. 'In February last year we probably only had 60 houses on the market. Now I've got 335 so far this year.'"

"Only 65-70 homes were on the MLS in September 2004. A year later, 430 Carson City homes were on the market. (Realtor) Kathy Tatro said these numbers show the end of a three-year seller's market. From 2001-03, buyers flooded the Carson City market. Many came from California pocketing a large cash out from a West Coast home."

"A small inventory and plenty of buyers led to bidding wars. Prices went up drastically. The story is a little different in the dawn of 2006. This week, there are 48 homes on the market priced above $600,000. About 287 are under the $600,000 mark, according to the MLS."

"'Some say that the real estate bubble has popped, but what I think is that this is a real positive thing for our economy,' Tatro said. 'Prices are leveling right now. There are more sellers and probably less buyers. But these buyers can take their time looking for what they really want.'"

"It's a great time to be a buyer, she said. Many of the components that had driven up the market before are not in play now. Californians are getting frustrated with Nevada's rising costs and are heading farther east, such as Boise."

"Fredlund said these high-end Carson City homes will sell to young professionals working in Carson City or Reno. 'We've got a lot of doctors and lawyers looking for homes,' he said."