Some housing reports from the Nevada Appeal. "There aren't many people looking to buy homes during this typically slow season in late summer/early fall, but those who do are spending about 6 percent less than a month before, according to city assessor records. Residential sales are also being brought down by higher interest rates and sellers overestimating what their property is worth, said Bob Fredlund, an agent Carson City."

"Sellers are shocked because of the decrease in the value of their property over a year ago when all real property was inflated, Fredlund said. Many sellers are making reductions in asking prices. He believes this trend will continue until Carson City gets a population influx. 'The reality is we've got fewer buyers now,' he said. 'Everybody purchased in the last year.'"

"The South Lake Tahoe real estate market closes off a slow summer for sales with a glut of inventory, but prices remain strong despite what many deem a market correction from the spiraling heyday of previous years."

"Dee Hackleman is one seller who took her house off the market recently because she and her husband didn't get what they were asking for. At last count, it was listed for $29,000 less than what the originally requested, down to $395,500. 'The market is flat right now. It's glutted,' she said."

"But a correction in price and availability might not be a bad thing, according to the state's leading economist. 'Absolutely not. That's just the way the market works. At some point, housing affordability will be impacted by rapid appreciation. We call it an 'adjustment of expectation,' California Association of Realtors chief economist Leslie Appleton Young said."

"The median price for South Shore homes from July to August dipped by $40,000 to $435,000. One listing from Coldwell Banker indicates the 'seller will carry a second to qualified buyers with no payments for three years.'"

The Pahrump Valley Times. "A buildup of housing inventory for sale in the neighboring giant of Las Vegas is one of the reasons blamed for a slowdown in the Pahrump real estate market this year, local real estate professionals say. Some local real estate representatives said the problem is that sellers can no longer expect to get they prices they were able to demand during the boom."

"Agent Fely Quitevos said she's read on the Internet about new home developers like Beazer Homes offering 8 percent commissions and giving $10,000 to $20,000 to home buyers, incentives that are difficult for existing home sellers to compete with. Quitevos said some of her listings have expired after six months, and she's had to renew them. But she added, 'If the property is priced right, we could sell.'"

The Review Journal. "The luxury rental market in Las Vegas has been limited to custom executive homes in upscale master-planned communities, a few midrise apartments such as Vegas Towers and the 30-year-old Regency at Las Vegas Country Club. That's changing as more high-rise and midrise condo projects are completed and investors dump their units onto the rental market."

"A two-bedroom, second-floor condo at Manhattan is offered for six-month or one-year lease at $1,600 a month plus deposits. The owner is a licensed real estate agent in Nevada. 'People that bought in the initial phases of midrises and high-rises bought as speculators and never had any intentions of occupying the place,' (analyst) Larry Murphy said. 'They bought with the intention to flip it. It's just adding to the already huge inventory.'"

"'There's not an open market of people willing to pay $2,500 to $3,000 a month. That's not typical here in Las Vegas. That's still a lot of money,' said Carl Sims of Hendricks & Partners. Investors who lease a unit for $3,000 a month, or $36,000 a year, would get a 10 percent return on a $360,000 unit, and to get those kind of rents, they're going to have to pay a lot more than $360,000 for the unit, Sims said."

"After expenses such as mortgage, homeowners association fees, taxes and insurance, owners could end up with a negative cash flow, he said."

"Murphy said a lot of Realtors bought at SoHo and Manhattan, hoping to flip the units for a profit. 'I don't think they'll be so lucky this time,' Murphy said. 'We're in chapter two of the high-rise story and some of the people that bought them may be in Chapter 11 (bankruptcy) before we're through.'"