Confidence Rises Substantially Off Of October Low

November 25, 2008

Hopefully, we’ve seen the low point:

AP Photo

 

Full article here.

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Positive Signs of Life

November 18, 2008

 

The index of indicators shows some positive elements. Immigration is up nearly 10% over last year, which creates housing demand. Employment is up. Not by much, and not enough to prevent the unemployment rate from going up, but there are more jobs in town than there were a year ago.

Notice that taxable sales are up considerably and that gaming revenue, while down, is down less than 3%.


Vegas Medium Term Fundamentals Strong

November 14, 2008

Hubble Smith writes a nice article this morning that focuses on Tim Sullivan’s recent assessment of Las Vegas medium term prospects.


Las Vegas "Will Weather the Downturn Best"

November 13, 2008

A nice article on MSNBC ranks Las Vegas #1.


Foreclosures Down in Las Vegas

November 12, 2008

The LVRJ reports today that foreclosures are down in Las Vegas. I was particularly struck by this sentence:

Nevada ranked No. 8 in the nation with 3,176 foreclosures, down from 4,020 in September.

That is a BIG decline in foreclosures. And it’s almost exactly equal to the number of sales in the month. So Vegas is absorbing all of its foreclosures right now.


Bank Lending Loosening Up

November 7, 2008

Behind the scenes, the biggest danger to the economy is an extended absence of credit.

Credit is loosening, however. The LIBOR rates have been falling, which is a good measure of bank comfort level. LIBOR is now the lowest it has been since 2004, which means that banks are now extremely comfortable lending each other money overnight.

There’s also a sorta upbeat article in the LVRJ, about banks that want to lend but can’t find borrowers.


October Turns In Another 3000+ Sales Month

November 6, 2008

As of today, the MLS shows 3,153 closings in October. Comparing that with September, August, and July, this is a very strong result. Las Vegas sold the same or more than in previous months, even though October closings were generally put into contract in “low season” hot summer months.

 

3,153 Sales in October!