Some housing bubble reports from Nevada. The Review Journal, "With more than 20,000 homes on the MLS in Las Vegas, some are taking six months or longer to sell. There were 4,271 recorded resales in Clark County in June, compared with 5,767 in the same month a year ago, local firm Home Builders Research reported.. The year-to-date total of 23,305 is down 20 percent from a year ago."

"'The resale segment continues to be gripped by the investor hangover that is like a black cloud of inventory,' Home Builders Research President Dennis Smith said."

"Warren Pincus is having a hard time selling his 1,600-square-foot, two-story home in the gated Elk Ridge community in northwest Las Vegas. He's lowered his asking price from $315,000 to $307,000 and now he's thinking about changing real estate brokers after only two prospects have come by to look at his house in six weeks."

"'I suggested to my broker that we reduce the price. I'm willing to sell for less,' Pincus said. 'I understand it's bad right now and I know the big builders give them dough to bring someone. How can I compete with builders offering 11 or 13 percent (commission)? You can't. I feel helpless, but that doesn't mean I am helpless. I'm just so frustrated. That's the word.'"

From Barrons Online. "The latest housing numbers certainly suggest that the end is getting nearer in Las Vegas. Sales of local homes fell nearly 24% in June from the same period in 2005, while the number of listed homes rose nearly 32% from a year earlier, to a record 20,026, according to the Greater Las Vegas Association of Realtors."

"The statistics on condominiums and townhouses are even more telling, with listings up in June nearly 83% from a year ago and sales down 22%. 'We've got a dramatic increase in inventory,' says (broker) Jack Woodcock."

"'We've got 400 to 500 houses in the $500,000 to $600,000 price range that have never been lived in and are sitting on the market for over a year.' he said. In fact, a full 40% of all the area's homes for resale aren't even occupied, according to First American Title Co. That's usually a sign of a market that has been inflated by speculative fever."

The Nevada Appeal. "With interest rates reaching 6.8 percent for a 30-year mortgage, the frantic buying period has cooled. The cost of homes leveled off in mid-2005 and is decreasing, said Carson City Assessor Dave Dawley. The frenzy started in Carson City in 2002, peaked in 2004 and has settled into a buyer’s market."

"'We’re still getting people from California willing to pay higher prices,' Dawley said."

"The average single-family home sold for $319,000 in the second quarter, which is about 10 percent less than the first quarter, according to the Northern Nevada Regional MLS."

"The average number of days on the market has also increased. More days on the market means there are not enough buyers and too much product, said Bob Fredlund, an agent in Carson City. 'We’ve got a saturated market right now,' he said. 'A lot of people are trying to sell, and it’s going to be a tough road ahead.'"

"Fredlund said he believes not as many buyers are coming from California. Those who invested in a new property, second home or a resale got their business completed when interest rates were lower."