GHFA on the Latest Vegas Numbers

Glass Half-Full Analysis on the latest Economic Indicators

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New Resident Count: Down to 4,612, but it’s still pretty powerful to have nearly 5000 new residents showing up each month.

Total employment: Down less than 5000 from a year ago. In a city with one million jobs, the fact that despite all of the downturn in construction, lending, title, and mortgage, employment is only down 5000 jobs is quite a testament to the underlying growth power of the Las Vegas Region.

New home permits: Down 57%. Remember: this is a good thing. Fewer home permits mean we work through the inventory overhang faster.

Existing Home Sales: Up slightly from last year. There is hardly any other place in the country that sold more homes in May 2008 than they sold in May 2007. Vegas pulled it off because we’re going through a recovery.

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One Response to GHFA on the Latest Vegas Numbers

  1. Brian says:

    Las Vegas did NOT sell more homes May 08 over May 07 because it is going through a recovery, but rather because there are a gazillion more homes on the market at 50% of the price from may 07 and due to the drastic increase in inventory due to foreclsoure activity. Look if you continue to sell more homes but the prices continue to plummet you are not recovering you are simply selling more homes!!

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