Las Vegas looks to California for home sales demand -- 1 out of 3 investment property buyers in Las Vegas came from California.

"Very few housing markets have been hit as hard as Nevada and in particular the Las Vegas market. Southern Californians share a close kinship with Las Vegas since a large part of the Vegas economy is based on weekend freeway flyers across the desert on Highway 15. A few markets in Southern California like Riverside and San Bernardino counties have been hit nearly as hard although this is out of the mind for most. One fascinating component of the Vegas expansion and bubble had to do with California money flowing into second and investment homes out in Las Vegas.You can say that Californians added additional fuel to the already raging real estate bonfire."