WELLS FARGO OFFERING DOWN PAYMENT ASISTANCE FOR QUALIFIED BUYERS UP TO $15,000 IN SELECT LAS VEGAS AREAS

Through the Neighborhood Lift Program designed to attract prospective home buyers to neighborhoods
struggling with high inventory of unsold homes.

Wells Fargo loan officers will explain the program and take applications during a May 4-5 event at the Riviera
Hotel convention center. Similar events have been held in Los Angeles, Atlanta and Phoenix.

Requirements for the for the Neighborhood Lift program include not exceeding 120 percent of local median income, commitment to occupy the home for 5 years, attend an 8 hour home buyer education session and qualification for a first mortgage on the property.

The 5 year goal of the program is to provide $ one billion in mortgage loans for Las Vegas home buyers said Wells Fargo's head of social responsibility.

Prospective home buyers can register for the event at: www.neighborhoodlift.com

NINE METROPOLITAN STATISTICAL AREAS,INCLUDING LAS VEGAS, POSTED NEW LOWS IN FEBRUARY IN A WIDELY WATCHED HOME INDEX RELEASED TUESDAY

They were the same cities that posted lows in January. Atlanta, Cleveland, Detroit, and Las
Vegas continue to have average prices below their January 2000 levels in the Standard
and Poor's/Case-Shiller home-price index.

Nationwide, home prices dropped in February in most major U.S. cities for a sixth straight
month, a sign that most price gains haven't been enough to boost prices.

Prices rose in Phoenix, San Diego and Miami and were unchanged in Dallas.

Las Vegas based SalesTraq which used different methodology than Case/Shiller, reported an increase
in median existing home prices for the last two months.Prices climbed to $103,000 in March, compared with
$100,800 in February and $100,000 in January.

Realtors are reporting multiple offers on properties as inventory has dwindled to about 6,000 homes available
without offers, due to the law in October that has all
but halted foreclosure filings.

Still, Realty Trac predicts that another one million homes will go into foreclosure this year, stirring concerns that prices will fall further as banks will push another wave of foreclosures onto the market.

That's what worries Scott Wagner. He is on the verge of purchasing a small house in the southwestern Las Vegas valley. It seems that houses that were priced at less than $200,000 in that area have risen in price by 25% in the last 3 months.

The steady price declines have brought the nationwide index to it's late 2002 level. Home prices have fallen 35% since the housing bust and in Las Vegas they are more than 60% off their peak.

The S&P Case/Shiller monthly index covers half of all U.S. homes and measures prices compared with those
of January 2000 and creates a three month moving average.

OLD LAS VEGAS CITY HALL UNDERGOING MAJOR SURGERY BY ZAPPOS

When it opened in 1973 news reports called city hall "ultra modern." That the now dated edifice was
marked by imposing center walls, stiflingly low interior ceilings, small offices and incredibly inefficient climate
control was once considered "cutting edge" seems laughable.

That the incoming tenants from online retailer Zappos,now based in Henderson, intend to bring it back to the
forefront of Las Vegas culture seems equally far-fetched at least to anyone who hasn't taken the time to listen to
the people seeking to breathe new life into the forlorn downtown corner.

"This building has been here forty years" says Zach Ware who is leading the $40 million renovation for
Zappos. What we are doing now is refitting it for another 40."

Ware and others working on the transformation have 18 months to create a space that fits with a Zappos culture
that calls on employees to "create fun and a little weirdness."

The result is a renovation project that is unlike any other downtown, with demands to tear out interior walls, false
ceilings and barriers that keep natural light from penetrating the structure, while retaining funky features like old jail cells that occupy part of the second floor.

The builiding also has to accomodate up to 2,000 employees, nearly 3 times the number of people who worked there for the city.

Although demolition work could start within a couple of weeks,much of the finished product remains in flux, as Zappos employees, Ware, CEO Tony Hsieh are still weighing ideas which range from rooftop gathering spaces to an outdoor concert venue.

What is known is that the jail cells will remain, a bistro is likely to go into the former library building and the number of entrances will be reduced to encourage "serendipitous interactions" that Hsieh and others say is essential to to fostering ideas.

That means not only creating individual work space for call center employees, but also placing heavy emphasis on common space that draws people out of the building to gather, eat, chat or enjoy the sun.

Inside, workers will tear out as many interior walls as possible to make views to the horizon available throughout the building.

In addition to the main structure, Zappos will have use of a parking structure across Stewart Avenue.

The construction manager from the Penta Building Group says that despite cosmetic flaws, the building is a high quality structure, with more concrete that would be used in newer buildings today, resulting in a strong structure that would hold up in the long term.

"The Penta manager said that taking a good old, solidly built building and make it more efficient makes more sense for a lot less cost and with a lot less waste."

INVESTOR SAYS "LAS VEGAS REAL ESTATE VALUE IS LONG TERM"

George Wolin, the principal of Crescent Bay Holdings, from Scottsdale, Arizona, drove around the master planned North Las Vegas development by the recently bankrupt Olympia Group.

He realized that the $21 million price for 1.340 acres was a fantastic deal - 2 expensive Beltway interchanges required for the development have already been paid for and built.

Comparable infrastructure in Tuscon would have cost the developer around $30 million on top of land costs.

As far as investing in Las Vegas real estate, opportunities are plentiful if it's a long-term hold, Wolin said at a Las Vegas meeting of the National Association of Industrial and Office Properties.

"It's a demographic tsunami and I don't subscribe to the idea that anything has fundamentally changed in Las Vegas. It's not like people are picking up and moving to St.Louis or Iowa. Places like Phoenix and Las Vegas are very attractive in a down market."

"We do feel that Las Vegas is going to be a strong market in the long term."

Even in a challenging economy, investors are identifying opportunities to acquire distressed assets, said Garrett Toft, industrial broker for Voit Commercial of Las Vegas.

Toft represented ProLogis in buying the 171,000 square foot distribution center for $7 million.

"There is more money chasing deals and was surprised that the October auction for the District at Green Valley Ranch was fairly competitive and felt lucky to get it for $79 million."

"We felt that the worst of retail was coming to a close. We look for projects that could be the dominant center in that trade area. We are looking for a high-teens return on the District."

NEW HOME PRICES IN LAS VEGAS RISE IN MARCH

The new home price increased 3.3 per cent from February to $201,668, and is up 1.6 percent from
$198,400 from a year ago in the same month.

The resale median was $103,000, an increase of $2,200 from February but down from $107,000 a
year ago. Prices for non-distressed homes rose to $105,000 for the third straight month.

"Listings are down and the foreclosure volume took a nosedive - the new home housing market remains
in a diminished state with just 352 sales in March." That's a fraction of the 1,600 sales a month during
the boom years.

Not only is the new home sector showing signs of stability, the resale market continues to adjust to
new market realities. There were 4,773 resales during the month, a 9.1 % decrease from March 2011, with
54% of closings in cash.

It appears that some new developers are feeling more optomistic about demand as residential permits grew
to 514 in March, more than double the previous month and 43.2 % more than a year ago.

It's true that while 514 permits is not a "game changer" but it does reflect the highest permit total since March 2010 when 700 permits were pulled.

EARNINGS REPORTS FROM TWO MAJOR BANKS PAINTS A PICTURE OF A HEALING HOUSING MARKET -

More Americans are taking out mortgages, paying them on time, and taking advantage of low interest
rates to refinance.

At JP Morgan Chase, the biggest U.S. Bank, income from new home loans set a record for the first quarter.
The bank issued 6 percent more mortgages than a year ago and got 33% more applications.

Wells Fargo, which issues the most home loans, booked the most mortgage fees since 2009. It issued 54% more
mortgages than a year ago and took 84% more applications.

Home prices are still falling, although more slowly than in previous years, and more than half a million American homes were going through foreclosure in March, according to
RealtyTrac.

Still, stronger mortgage business helped Chase and Wells Fargo beat Wall Street expectations for first quarter earnings. Chase reported that the bank had originated 200,000 mortgages
in the quarter.

Two key factors were:

1. The average interest rate on a 30 year fixed mortgage dropped
to 3.87 %, the lowest since the 1950s.

2. Job growth in January and February was some of the strongest
since the great recession began.

At Wells Fargo, 15% of mortgage applications came from the Government's Home Affordable Refinance program, which helps Americans who owe more than their property is worth get more
affordable loans.

Foreclosures are still holding the housing market back. A $25 billion settlement has paved the way for banks to take action on unpaid mortgages. The banks agreed to overhaul their mortgage practices. Because of that commitment and more disciplined internal rules, banks don't make as much money on foreclosures.

At a time when low interest has already reduced bank income, they must assign a banker to each homeowner undergoing a loan modification and ensure that each has the proper documentation.

Chase has set aside $2.5 billion to fight legal battles and Wells Fargo has added $314 million to it's legal reserves.

Chase turned a $ 5.4 billion profit for the quarter and Wells Fargo earned $4 billion, up from $3.6 billion a year ago.

NEVADA STILL AT THE BOTTOM OF THE U.S. HOUSING MARKET -

Foreclosures are down and home prices have increased in recent months, but that doesn't
mean that Nevada's housing market is on the way to recovery.

According to a Lending Tree Healthiest Housing Index released in late March, Nevada has the highest
loan-to-value ratio - over 110 percent - meaning that the average home has about 10 percent negative equity.

The state also has the highest unemployment rate of 12.3 percent, compared with the national average of
8.5 percent.

The chief economist at Lending Tree, an online marketplace for home loans, said he's already seeing
"regional disparity" in housing recovery around the country.

"Fundamentally, we have to define what recovery is for each state." For some, it's a lower unemployment
rate. For others, it's home price stability or potentially a reduction in delinquency levels, a precursor to
foreclosure expectations."

The Healthiest Housing Index is based on debt-to-income ratio, unemployment rate, home ownership and occupancy rates, past due mortgages, equity asset value, and loan to
value ratio.

Certain elements of the Las Vegas housing market are looking better, some are looking worse, and some are about the same said David Brownell, broker with Keller-Williams Realty. Nearly 4,200 homes were sold in March, and 1,872 of these were under $100,000 he noted.

"Say what you can, it's incredibly affordable. Certainly the 54 percent of people who bought with cash think it's a good buy." Sales are happening, which is good for agents, but talk with sellers and they might not agree because they're stuck $300,000 under water and wondering what to do."

Negative home equity is extremely high in Nevada, about 1.7 times the national average.

Nearly 90 percent of Las Vegas homeowners with a mortgage have less than 30 percent equity, compared with a national average of 58 percent.

CoreLogic reported that 13.3 percent of Nevadans were at least 90 days delinquent on their home payment, compared with 16.7 percent a year ago.

DEPARTMENT STORE MACY's REPORTED A BETTER THAN EXPECTED SALES IN MARCH

THE LATEST SIGN THAT AMERICANS ARE FEELING BETTER ABOUT THE ECONOMY

A combination of warm weather and high demand for spring fashions boosted revenue for the month,
but analysts say there is more than that as Americans who cut back on their spending in the slow economic
recovery are encouraged by the improving job market.

Consumer spending accounts for more than 70 percent of all economic activity.

"Not only did we have nice weather, but there is a calming down or feeling that the worst is behind us."

In Las Vegas, Arm Candy, an accessories store at the Miracle Mile Shops has seen sales increase 50 percent
since January. "We don't need a special deal or price,people are just buying."

Macy's, which owns the Macy's and Bloomingdale's department chains continued its strong monthly
performance, reported that revenue figures rose 7.3 percent, which beat Analyst's expectation of a 4.8
percent rise.

Even Gap, which has been struggling, reported gains.The retailer which owns Gap, Old Navy and the Banana
Republic, was one of the big success stories of the
month.

It's revenue rose 8 percent, better than the 5.4 percent rise Analysts expected.

Clothing chains benefited from heavy demand for Spring
fashions.

"Stores are showing something new and different from a fashion perspective, and that's getting people
into the stores," said a spokesman from a consulting firm.

FEWER HOMES FOR SALE IN LAS VEGAS,DROPPING TO 4,901 IN MARCH, ABOUT A 6 WEEK SUPPLY

The total homes listed for sale in Henderson MLS and Vegas MLS fell to 18,200 in March, down 18
percent from 22,184 a year ago, when there were 11,334 available without offers.

That means homes under contract grew only slightly, from about 11,000 to 13,000 in the past year.

Several factors are contributing to declining inventory, starting with the robo-signing law that throttled notices
of default filed by major lenders since October, said Dennis Smith, housing analyst with Home Builders
Research.

Going back to last year before the law was passed,lenders were filing 2,700 to 5,700 defaults a month.
Now it's about 300 a month. Bank repos are down to about 800 a month, the net effect of the law.

There has also been a sharp increase in short sales, homes offered at less than the principal mortgage
balance, which requires lender approval. These homes may stay under contract for as long as six
months.

Smith does not see a wave of foreclosures materializing from the "shadow inventory" which was ominously
projected to hit Las Vegas.

"We will see some foreclosure inventory hit the market, but not a big wave." Banks are trying new things, like
renting them back and doing more short sales."

Realtors sold 3,538 single family homes in March, a 4.4 percent increase from the same month a year ago.

The median price was $123,000, down 2.3 percent from February a year ago, but up 1.7 percent from February
this year.

"The shortage of inventory is bringing multiple offers like in the boom years when people were overbidding
list prices. "Right now, we have to find inventory, and where we see this from is investors who bought with
cash. They will be able to sell and carry the note at six percent and get a higher return from their investment
than waiting for appreciation."

The Realtor's Association reported that 1,790 homes (40.7 percent) were sold as foreclosures while 1,171
(26.6 percent) were sold as short sales. The median price for a foreclosure was $106,000 and for short
sales was $121,000.

Cash buyers represented 54.5 percent of all sales, compared with about 40 percent before the housing
downturn.

"A combination of things will work to keep resale inventory low. It will be the rentals, the short sales,
loan modifications. Foreclosures are the biggest loss the banks will have. Banks are starting to wise up.

NEVADA FORECLOSURES DROP 62 PERCENT AS U.S. FORECLOSURE ACTIVITY RISES

More U.S. homes are entering the foreclosure process
setting the stage for a surge in repossessions by lenders
this year.

The number of homes that received notices of default
rose 7 percent in March from the previous month. That
marks the third consecutive monthly increase this year
and reflects stepped-up efforts by banks to take action
against homeowners who fail to keep up with their
monthly payments.

"We are not out of the woods yet with foreclosures,
said Daren Blomquist, a Vice President at RealtyTrac.
There are more batches of foreclosures coming through
the pipeline."

Foreclosure activity in the first quarter fell primarily in
states where the courts do not play a role in foreclosures:
Arkansas (79 percent), Nevada (62 percent) and Arizona
(21 percent).

In contrast, in many states where courts must sign off
on foreclosures saw outsized increases in foreclosures,
Indiana (45 percent), Florida (26 percent), etc.

A broker for Keller-Williams Realty in
Las Vegas, reported a total real estate owned or bank
owned inventory of 986 homes in March, a 62 percent
decrease from 2,581 a year ago. Forty percent of the
4,198 escrow closings in March were real estate owned.

Notices of default filings in Nevada have dropped since
October since the robo-signing law was passed.

"There is talk of a second wave of foreclosures but I
don't see that coming." It seems like the rush and the
bulk of foreclosures was up front. We are going to be
dealing with short sales and foreclosures for the next
ten years but I don't see them being dumped on the
market where prices drop another 20 percent."

The U.S. housing market remains weak, even after the
best winter for home sales in five years, and improved
job market. Home prices are back to 2002 levels according
to the U.S. home price index.

Banks have turned the housing inventory spigot to a
trickle following legal issues and government backlash
from the robo-signing scandal creating their own support
mechanism to help the housing recovery. "If this was a
plan to help the housing market, it worked."

Rather than a large wave of bank owned homes crashing
on the market at once, it's likely that the new crop of
foreclosures will arrive in smaller waves throughout the
year.