The real estate gamble in Las Vegas: Year-over-year inventory up 51 percent in Las Vegas. Cash buyers fall by 20 percent from last year.

Dr. Housing Bubble reports:

If you really want to see the impact of cash buyers pulling out of a market look no further than Las Vegas. Las Vegas was the poster child of real estate mania and many California home owners contributed to the previous boom by tapping out equity and purchasing properties for flips or for the occasional gambling trip down the I-15. The latest boom is being driven by large Wall Street cash and lusting investors coveting “cheap” properties. That boom appears to be turning. A recent report from Zillow shows that inventory in Las Vegas has jumped up a whopping 51 percent year-over-year. At the same time, you see cash buyers pulling back from the market. Back in May of 2013 roughly 60 percent of all purchases went to the “all cash” category while this year it is closer to 40 percent. So it should come as no surprise that home sales are now down by 22 percent year-over-year during the hot summer selling season.

Just a reminder.