Inventory, inventory everywhere and not a buyer in sight. That seems to be the message in Las Vegas and across the nation. The latest numbers from GLVAR show the number of homes on the market is now well above 20,000 and prices are softening. And now, reports the Los Angeles Times, the National Association of Realtors has lowered its forecast for the rest of the year.

They were always being a bit optimistic in saying there would be a less than 3 percent drop in the number of sales but now the group is saying the drop will be 4.6 percent. That's a bit over 100,000 homes they now say won't sell. And the Realtors even say things could be soft in 2008. Rising interest rates are going to make selling even harder.

"Overall housing levels are historically strong, but sales remain sluggish compared to the recent boom," said NAR economist Lawrence Yun. "Home sales will probably fluctuate in a narrow range in the short run but gradually trend upward with improving activity by the end of the year."

And that's about the best anyone will estimate for a recovery. If you're trying to sell in Las Vegas, one of those 100,000 homes is likely to be yours.