Local Economy

May 19, 2012

DATA SUGGESTS THAT MORE STRUGGLES LIE AHEAD FOR HOMEBUILDERS

A couple of forward-looking indicators for the construction industry are showing rough times
ahead, which means that Las Vegas and Henderson won't see any of the 60,000 lost construction jobs coming back soon.

The backlog of projects on the books for contractors nationwide declined 5.4 percent in …

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Posted in Las Vegas, Local Economy, Statistics
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May 17, 2012

APRIL SEES HOME BUILDERS STARTING NEW HOMES

Builders broke ground on more new homes than anticipated in April, indicating the residential real
estate industry is stabilizing.

Starts rose 2.6 percent to a 717,000 annual rate from March's revised 699,000 pace, which was stronger
than previously reported, the Commerce Dept. reported Wednesday.

The median …

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Posted in Las Vegas, Local Economy, Statistics
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May 16, 2012

LAS VEGAS APRIL NOTICES OF DEFAULT DROP 30 PERCENT

Foreclosure starts continued to decline in Nevada and other Western states in April, offsetting small
gains in new foreclosure filings from the previous month, ForeclosureRadar.com reported.

In Clark County, notices of default filings - the initial step in the foreclosure process - fell nearly
30 percent in April to 962, foreclosure …

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Posted in Foreclosures, Las Vegas, Local Economy, Short Sales, Statistics
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May 11, 2012

INDUSTRIAL BASE IN LAS VEGAS AND HENDERSON ASSESSED BY A NATIONAL THINK TANK

The Las Vegas industrial base is one of the nation's smallest and least diversified. Still, the market has
strength, and one manufacturer that's moving here said the city has what it takes to expand its industrial
economy.

"Las Vegas is far from a manufacturing powerhouse overall, but it …

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Posted in Food, Las Vegas, Local Economy
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May 10, 2012

HOUSING DEBT OF NEVADA IMPROVING

Nevada had the second highest mortgage delinquency rate in the nation in the first quarter at 11.16 percent, well above the national rate of 5.78 % TransUnion Credit Bureau reported Wednesday.

While Nevada is still second only to Florida's 13.87%, it's still an improvement from 14 …

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Posted in Buying, Las Vegas, Local Economy, Statistics
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May 8, 2012

LAS VEGAS HOME PRICES RISE FOR THE THIRD STRAIGHT MONTH IN APRIL - THE INVENTORY OF LISTINGS CONTINUE TO SHRINK

The median price for 3,185 single-family homes sold in April was $127,900, up 4 per cent from the previous
month, and up 2.3% from April 2011.

It is the first time prices have increased on a year-over-year basis since August 2010, said Kolleen Kelley, President of the Realtors …

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Posted in Buying, Foreclosures, Investing, Las Vegas, Local Economy, Short Sales, Statistics
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May 5, 2012

LAS VEGAS NEIGHBORHOOD LIFT PROGRAM FROM WELLS FARGO HOME MORTGAGE AIMS TO HELP LOCALS BUY HOMES

1,100 prospective home buyers registered for the two day Neighborhood Lift workshop at the Riveria hotel.

This program is designed to attract qualified home buyers to neighborhoods struggling with high inventory
of unsold homes, offering as much as $15,000 in down payment assistance grants to prospective homebuyers who meet income …

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Posted in Buying, Investing, Las Vegas, Local Economy, Short Sales
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May 4, 2012

A HOUSTON STUDY SUGGESTS THAT THE LAS VEGAS ECONOMY IS BOUNCING BACK

According to a recent study by Metrostudy, a Houston based housing data and consulting firm that maintains
an extensive database on residential construction.

"Job growth continues to remain positive through February, adding 2,200 jobs, said Greg Gross, Director
of Metrostudy's Las Vegas region."

Employment is up slightly from …

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Posted in Las Vegas, Local Economy, Statistics
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May 3, 2012

PHOENIX FINDS ITS WAY OUT OF THE DOWNTURN: A MODEL FOR RECOVERY

The Arizona capital of Phoenix was one of the hardest hit markets by the housing crisis, with home values plunging nearly 60 percent from 2006 through mid-2011 and foreclosure filings soaring.

As recently as June 2011 Phoenix held the second highest metro foreclosure rate in the country, behind only Las …

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Posted in Buying, Foreclosures, Investing, Las Vegas, Local Economy, Statistics
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May 2, 2012

CLOSED SAHARA HOTEL IN LAS VEGAS RECEIVES $300 MILLION FINANCING FROM SBE ENTERTAINMENT OWNERS TO BE "BORN AGAIN" AND REOPEN IN 2014

SSL LAS VEGAS WILL HAVE ROUGHLY 1,600 ROOMS AND OPERATE AS A TRULY BOUTIQUE RESORT

By the time SLS Las Vegas opens, there will be SLS branded hotels in several U.S. cities including New
York, Los Angeles, Chicago and Miami.

The construction funds, raised by J.P. Morgan Securities, marks the …

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Posted in Buying, Investing, Las Vegas, Local Economy
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