But the first numbers are coming out further clarifying the impact of the credit crunch on people's ability to buy a new home.

Home Builders Research released its stats Monday that show the cancellation rate on purchases of new homes in the valley jumped to 53 percent in August.

The rate had been closer to 30 percent two months ago before lenders starting tightening credit. Lenders are requiring higher credit scores, and those who don't have good credit are required to put down a greater down payment or pay higher interest rates. Even people with good credit are finding it harder to get jumbo loans of $417,000 and above. Those who can't document their income are also having difficulty getting loans.

"Buyers are certainly not canceling because they are changing their minds," said Dennis Smith, president of Home Builders Research. "They are canceling because something has changed in their monthly payments."

The cancellation rates have been evident in homebuilders drastically dropping their prices in the last two to three months.

Smith reports Meritage Homes lowered prices in some of their subdivisions by $50,000. KB Home is now selling a 1,553-square-foot home for $174,990 ($112.68 per square foot) and an 1,898-square-foot home for $202,990 or $106.95 per square foot, Smith said

Rhodes Homes is selling homes for $125 to $130 per square foot, Smith said.

The valley's biggest cancellation rate was 77 percent in the south, followed by 60 percent in the east, Smith said. The southwest and northwest had a 48 percent and 47 percent cancellation rate, respectively. The cancellation rate in North Las Vegas was 43 percent, and Henderson had a 42 percent cancellation rate.

Las Vegas overbuilt? If you believe NUWire Investor, Las Vegas was the No. 1 ranked overbuilt market in the U.S. during 2007.

The online publication cited how the city is overbuilt in homes, townhomes and condos and how homes are spending 115 days on the market and condos and townhomes 335 days on the market.

"However sticky the housing situation is in Las Vegas right now, the city is continuing to grow at a rapid pace, which should help when the time comes for a rebound," the publication said. "Recovery from this overbuilding phase is likely to come faster here than in any other city on this list."

The others on the list are Phoenix, Orlando, Miami and West Palm Beach.

Smith said he doesn't understand that assessment by NUWire. There is only about a six week supply of new homes because of cancellations and builders are cutting prices to get rid of them, Smith said.

The bigger oversupply is in the condo market where demand has softened, Smith said.

More than 40 percent of resale homes on the market are vacant.

Bentley Group report on market: The Bentley Group Real Estate Advisors, in their latest report on the office market, said the amount of supply coming on the market would outpace demand in the near term, something other brokerages have echoed.

It reported that the growth in rents has been moderate and that they should flatten because of competition from existing inventory. Builders of new office buildings will try and get above-average rents because that's what they programmed into their pro formas, the firm reported.

In the multifamily sector, Bentley said recent declines in occupancies and a slowdown in rental rate growth were caused by a correction in the housing market. As resorts open along the Strip, the migration to Las Vegas for jobs will increase the demand for multifamily housing.

As for retail, it reports a slowdown in residential construction has become a double-edged sword for retail center owners and developers. The slowdown has increased the appetite for landowners to seek out retail development rather than high-density residential as they did from 2003 to 2005. But the slowdown in the housing market has reduced the equity of homeowners and cut retail spending.

Hispanic real estate professionals take action: The National Association of Hispanic Real Estate Professionals announced this week its new code to curb predatory lending practices against Latinos.

The basis for the code is that the current credit crunch and actions by bad agents is threatening to undermine homeownership gains in the Hispanic community made over the last two decades.

The code is intended to set an example for the industry as a whole. Its purpose is to protect consumers and increase home ownership rates among Hispanics.

The code calls for stronger licensing and industry education requirements; quality controls to ensure all qualifying consumers are offered a prime loan; increased disclosure so that borrowers can make informed decisions; and the development of a bilingual guide to educate consumers.

The organization's survey of members shows that 93 percent of Hispanic borrowers are vulnerable due to a lack of knowledge about the home-buying process.

In other news:

• Inspirada in Henderson will celebrate its official grand opening Saturday and Sunday in Solista, the first village in the master planned community. For more information, visit www.inspirada.com. The first residents won't move until October. The developer celebrating the opening of the park and to introduce the community to the public.

• The value of building permits issued in Las Vegas in August rose nearly 22 percent. That's a hefty jump considering building permits are down 37 percent through August when compared to the first nine months of 2006. There were $81.1 million in permits issued, led by new commercial at $36 million. That's $20 million higher than a year ago. Commercial remodels at $14.1 million were double those issued last year. Single-family home construction fell 35 percent from $22.4 to $14.5 million.

• The Atrium Suites Hotel on Paradise Road next to the Hard Rock Hotel has been sold for $50.5 million, GlobeSt.com reported. It reported the new owners, Asia Pacific Capital Co. and Financial Capital Investment Co. plan to upgrade the hotel into a four-or-five star hotel called Paradise Boutique Hotel.

• LaPour Partners has completed its franchise agreement with Starwood Hotels & Resorts for its planned Element hotel in Summerlin, GlobeSt. reported. Construction is expected to start this month with an opening in October 2008.

• The Las Vegas Sun reported that Jimmy Dague, who has sold real estate in Las Vegas since 1978 and whose business was the No. 1 worldwide in sales for Century 21 in 2002 and 2006, filed for Chapter 11 bankruptcy protection from creditors while he reorganizes to pay his debts. Dague reported his sales fell 60 percent from 2005 to 2006.

• The city of Henderson has approved contributing $200,000 at the close of escrow for the sale of the Pinnacle Building at 203 Water St. by VLP Investments. In October 2004, the Redevelopment Agency provided for the guaranty of a construction loan and also a five-year deferred loan of $650,000, which was later increased to $950,000 in March 2005. Ånd in May 2006, the city approved a $100,000 loan to Cynnamon Styx restaurant, which was under the same ownership as Pinnacle. VLP has had the building on the market for a year but agency assistance was needed because of the declining real estate market. The proposed buyer will pay all outstanding VLP debt, $1.12 million at the close of escrow.

• Perry Rogers, the business manager of former tennis star Andre Agassi, paid $1.6 million for a 4,134-square-foot home on Wandering River Court.