The Las Vegas Review Journal has the June numbers. "The number of homes for sale in Las Vegas topped 20,000 in June, an all-time high and up 32 percent from the same month a year ago, the Greater Las Vegas Association of Realtors reported Thursday. Climbing inventory, as well as a flattening of median prices, has caused great concern among local and national housing analysts."

"Another 4,630 condominium and townhomes are listed for sale, an 82.7 percent increase from a year ago. Single-family home sales decreased 1.1 percent from May and nearly 24 percent from a year ago. Condos and townhome sales slid 22 percent to 592."

"'I actually thought the stats would be worse because home builders have gone crazy with their incentives,' said Linda Rheinberger, president of the Realtors association. She said Beazer Homes was 'bribing' brokers with commissions of 11 percent to 13 percent on standing inventory."

"(Researcher) Dennis Smith said a lot of the condos and townhomes that have come up for sale are apartment conversions that have been held by investors for a 12-month period to get capital gains treatment and have never been inhabited."

"Larry Murphy, president of SalesTraq, said the big story is the number of incentives being offered by builders, including paying higher broker commissions, putting in free upgrades and paying for closing costs. 'The list is getting longer every day, and for the last two months incentives are getting bigger,' he said."

"The FDIC noted that home prices in Las Vegas, Reno and Carson City appear overvalued in the context of economic fundamentals. 'Las Vegas multifamily vacancies could rise if the converted condominium units return to the rental pool because of rising interest rates,' the FDIC said."

"The agency implied that higher interest rates could cause owners to sell or to lose their condos in foreclosures."

"Add the lengthening inventory of unsold homes, and the big drop in existing home sales in May, and the outlook for banks seems none too rosy. Colonial Bank President Mark Daigle thinks a little weakening wouldn't hurt because the housing frenzy of recent years was 'frankly unsustainable.' 'The opportunity to take a breather wouldn't be a bad thing,' he added."

"Nevada State Bank President Bill Martin said he could count 14 climbing cranes. He, too, had noticed 'a little softness in our pipeline.'"

"Wells Fargo Senior Economist Scott Anderson noted that the rapid run-up in prices means that the exodus from California will slow because the equity gains and comparative advantage of moving here for cheaper housing has narrowed."

"Anderson said the local drop in first-quarter sales was nearly double the national average. 'And a good part of it is that speculators have left the market and that has brought prices down faster than the national average,' he said."