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Nevada Housing Market Conditions

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					Nevada Housing Market Conditions
December 3, 2007
                                   Requested Topics


   •   Residential delinquencies
   •   Residential foreclosure starts
   •   Residential properties in foreclosure
   •   Unsold residential inventory
   •   Home sales
   •   Home prices
   •   Government revenue and consumer spending
   •   Construction
   •   Business recruitment/economic development

Nevada Housing Market Conditions              December 3, 2007
               Residential Delinquencies




Nevada Housing Market Conditions           December 3, 2007
                                                            Loans Past Due
                                                                             % of total
                                             Nevada
 Subprime Adjustable Rate
            Subprime Loans
       Subprime Fixed Rate
            FHA ARM Loans
                  FHA Loans
            FHA Fixed Loans
                    All Loans
                    VA Loans
          Prime ARM Loans
                 Prime Loans
          Prime Fixed Loans

                                0               5              10            15            20
 Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007


Nevada Housing Market Conditions                                                  December 3, 2007
                                                            Loans Past Due
                                                                             % of total
                                             Nevada
 Subprime Adjustable Rate
            Subprime Loans                                                          United
                                                                                    States
       Subprime Fixed Rate
            FHA ARM Loans
                  FHA Loans
            FHA Fixed Loans
                    All Loans
                    VA Loans
          Prime ARM Loans
                 Prime Loans
          Prime Fixed Loans

                                0               5              10            15              20
 Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007


Nevada Housing Market Conditions                                                  December 3, 2007
                                Seriously Delinquent Loans
                                                                                  % of total
                                             Nevada
 Subprime Adjustable Rate
            Subprime Loans
       Subprime Fixed Rate
                    All Loans
                  FHA Loans
            FHA ARM Loans
          Prime ARM Loans
            FHA Fixed Loans
                    VA Loans
                 Prime Loans
          Prime Fixed Loans

                                0        2        4        6        8        10      12       14
 Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007


Nevada Housing Market Conditions                                                     December 3, 2007
                                Seriously Delinquent Loans
                                                                                  % of total
                                             Nevada
 Subprime Adjustable Rate
            Subprime Loans
       Subprime Fixed Rate                                                   United
                                                                             States
                    All Loans
                  FHA Loans
            FHA ARM Loans
          Prime ARM Loans
            FHA Fixed Loans
                    VA Loans
                 Prime Loans
          Prime Fixed Loans

                                0        2        4        6        8        10       12       14
 Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007


Nevada Housing Market Conditions                                                      December 3, 2007
                                            Foreclosure Inventory
                                                                             % of total
                                             Nevada
 Subprime Adjustable Rate
            Subprime Loans
       Subprime Fixed Rate
                    All Loans
          Prime ARM Loans
            FHA ARM Loans
                  FHA Loans
                 Prime Loans
                    VA Loans
            FHA Fixed Loans
          Prime Fixed Loans

                                0           2            4            6       8            10
 Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007


Nevada Housing Market Conditions                                                  December 3, 2007
                                            Foreclosure Inventory
                                                                             % of total
                                             Nevada
 Subprime Adjustable Rate
            Subprime Loans                                                        United
                                                                                  States
       Subprime Fixed Rate
                    All Loans
          Prime ARM Loans
            FHA ARM Loans
                  FHA Loans
                 Prime Loans
                    VA Loans
            FHA Fixed Loans
          Prime Fixed Loans

                                0           2            4            6       8            10
 Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007


Nevada Housing Market Conditions                                                  December 3, 2007
                                                      Foreclosure Starts
                                                                              % of total
                                             Nevada
 Subprime Adjustable Rate
            Subprime Loans
       Subprime Fixed Rate
                    All Loans
          Prime ARM Loans
            FHA ARM Loans
                  FHA Loans
                 Prime Loans
            FHA Fixed Loans
                    VA Loans
          Prime Fixed Loans

                                0.0    0.5     1.0     1.5     2.0     2.5   3.0   3.5      4.0
 Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007


Nevada Housing Market Conditions                                                   December 3, 2007
                                                      Foreclosure Starts
                                                                              % of total
                                             Nevada
 Subprime Adjustable Rate
            Subprime Loans                                                               United
                                                                                         States
       Subprime Fixed Rate
                    All Loans
          Prime ARM Loans
            FHA ARM Loans
                  FHA Loans
                 Prime Loans
            FHA Fixed Loans
                    VA Loans
          Prime Fixed Loans

                                0.0    0.5     1.0     1.5     2.0     2.5   3.0   3.5      4.0
 Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007


Nevada Housing Market Conditions                                                   December 3, 2007
                                                                                                                         N
                                                                                                                           o
                                                                                                                         So r th
                                                                                                                            ut D




                                                                                                                                                  0%
                                                                                                                                                       5%
                                                                                                                                                            10%
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Nevada Housing Market Conditions
                                                                                                                      N        e u a
                                                                                                                        e w w J set ii
                                                                                                                                       e t
                                                                                                                         W H A rs s
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                                                                                                                               Lo M h      ta
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                                                                                                                          Pe uis ine
                                   Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007                 n n i an
                                                                                                                                 s Te a
                                                                                                                               N yl v xa
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                                                                                                                               M w nia
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December 3, 2007
                                                                                                                                                                                                 Subprime Loans as a % of Total
                                                                                                                              O
                                                                                                                                kl




                                                                                                                                                 0%
                                                                                                                                                      5%
                                                                                                                                                           10%
                                                                                                                                                           15%
                                                                                                                                                                 20%
                                                                                                                                                                              25%
                                                                                                                                                                                     30%
                                                                                                                                                                                     35%
                                                                                                                                                                                           40%
                                                                                                                                                                                                 45%
                                                                                                                                Araho
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                                                                                                                                                                  National Average
                                                                                                                                VeAla sas
                                                                                                                                         s
                                                                                                                           N Ke rm ka
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Nevada Housing Market Conditions
                                                                                                                               N Ind ine
                                                                                                                                 e w ia
                                                                                                                              W
                                                                                                                                 is Yona
                                                                                                                                   co r
                                                                                                                                       n k
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                                                                                                                        e w h is a
                                                                                                                       So H Ca so ho
                                                                                                                           ut am r o uri
                                                                                                                          R h h C p lin
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                                                                                                                        M Co ic org a
                                                                                                                           as nn hig ia
                                                                                                                              sa ec a
                                                                                                                                 ch ti n
                                                                                                                                    us c u
                                   Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007                            e t
                                                                                                                                      U tts
                                                                                                                                   Il t a
                                                                                                                                 Vi lino h
                                                                                                                                    rg is
                                                                                                                               M Ha inia
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December 3, 2007
                                                                                                                                                                                                       ARMs as a % of Total
                Residential Foreclosures




Nevada Housing Market Conditions           December 3, 2007
                       National Trend




Nevada Housing Market Conditions        December 3, 2007
                                                       New Foreclosures
                   2002           2003          2004     2005   2006       2007
 60,000

 50,000

 40,000

 30,000

 20,000

 10,000

        0
 Source: Foreclosure.com and Applied Analysis


Nevada Housing Market Conditions                                       December 3, 2007
                                                       New Foreclosures
                   2002           2003          2004      2005   2006        2007
 60,000

 50,000

 40,000

 30,000

 20,000

 10,000

        0
 Source: Foreclosure.com and Applied Analysis


Nevada Housing Market Conditions                                        December 3, 2007
                                                       New Foreclosures
                   2002           2003          2004      2005   2006        2007
 60,000

 50,000

 40,000

 30,000

 20,000

 10,000

        0
 Source: Foreclosure.com and Applied Analysis


Nevada Housing Market Conditions                                        December 3, 2007
                        Nevada Trend




Nevada Housing Market Conditions       December 3, 2007
                                                New Foreclosures
 2,500


 2,000


 1,500


 1,000


    500


       0
           2002           2003           2004   2005   2006   2007
 Source: Foreclosure.com and Applied Analysis


Nevada Housing Market Conditions                               December 3, 2007
                                                New Foreclosures
 2,500


 2,000


 1,500


 1,000


    500


       0
           2002           2003           2004   2005   2006   2007
 Source: Foreclosure.com and Applied Analysis


Nevada Housing Market Conditions                               December 3, 2007
                                                New Foreclosures
 2,500


 2,000


 1,500


 1,000


    500


       0
           2002           2003           2004   2005   2006   2007
 Source: Foreclosure.com and Applied Analysis


Nevada Housing Market Conditions                               December 3, 2007
                                                Active Foreclosures
 7,000

 6,000

 5,000

 4,000

 3,000

 2,000

 1,000

       0
           2002           2003           2004    2005   2006   2007
 Source: Foreclosure.com and Applied Analysis


Nevada Housing Market Conditions                                December 3, 2007
                          Localization




Nevada Housing Market Conditions         December 3, 2007
       Source: Market Conditions
Nevada HousingForeclosure.com and Applied Analysis   December 3, 2007
       Source: Market Conditions
Nevada HousingForeclosure.com and Applied Analysis   December 3, 2007
                 Foreclosure Property
                      Ownership




Nevada Housing Market Conditions        December 3, 2007
                    Southern Nevada Foreclosures, 2007
                                   All Foreclosures




Nevada Housing Market Conditions                         December 3, 2007
                    Southern Nevada Foreclosures, 2007
                           Owner-Occupied Foreclosures




Nevada Housing Market Conditions                         December 3, 2007
                   Southern Nevada Foreclosures, 2007
                       Non-Owner-Occupied Foreclosures




Nevada Housing Market Conditions                         December 3, 2007
                     Southern Nevada Foreclosures, 2007
              Non-Owner-Occupied Foreclosures | In-State and Out-of State




Nevada Housing Market Conditions                                            December 3, 2007
                   Southern Nevada Foreclosures, 2007
              Non-Owner-Occupied Foreclosures | Out-of State Owners




Nevada Housing Market Conditions                                      December 3, 2007
                   Southern Nevada Foreclosures, 2007
                Non-Owner-Occupied Foreclosures | In-State Owners




Nevada Housing Market Conditions                                    December 3, 2007
                                  Foreclosure Distribution


                                               Foreclosures Share of
                                                  Analyzed     Total
Foreclosures of Owner Occupied Units                 3,551     40.3%
Foreclosures of Non-Owner Occupied Units             5,254     59.7%
   In-State, Non-Owner Occupied Units                  962      10.9%
   Out-of-State, Non-Owner Occupied Units             4,292     48.7%
Total Foreclosures                                   8,805      100%




Nevada Housing Market Conditions                         December 3, 2007
         Unsold Residential Inventory




Nevada Housing Market Conditions   December 3, 2007
                     Resale (MLS) Home Listings

 35,000

 30,000

 25,000

 20,000

 15,000

 10,000

  5,000

     0
          2003     2004            2005   2006   2007


Nevada Housing Market Conditions                   December 3, 2007
                                   06
                                     /




                                               0
                                                   5,000
                                                           10,000
                                                                    15,000
                                                                             20,000
                                                                                      25,000
                                                                                                            30,000
                                   06 14/
                                     / 0
                                   07 29/ 6
                                     / 0
                                   07 17/ 6
                                     / 0
                                   08 29/ 6
                                     / 0
                                   08 13/ 6
                                     / 0
                                   09 25/ 6
                                     / 0
                                   09 09/ 6
                                     / 0
                                   10 30/ 6
                                     / 0
                                   10 14/ 6
                                     / 0
                                   11 29/ 6
                                     / 0
                                                                                               Owner-occupied




                                   11 13/ 6
                                     / 0
                                   12 27/ 6
                                     / 0
                                   12 11/ 6
                                     / 0
                                   01 25/ 6
                                     / 0




Nevada Housing Market Conditions
                                   01 08/ 6
                                     / 0
                                   02 22/ 7
                                     / 0
                                   02 05/ 7
                                     / 0
                                   03 19/ 7
                                     / 0
                                   03 05/ 7
                                     / 0
                                   04 19/ 7
                                     / 0
                                   04 02/ 7
                                     / 0
                                   04 16/ 7
                                     / 0
                                   05 30/ 7
                                     / 0
                                   05 14/ 7
                                     / 0
                                   06 28/ 7
                                     / 0
                                   06 11/ 7
                                     / 0
                                   07 25/ 7
                                     / 0
                                   07 09/ 7
                                     / 0
                                   08 23/ 7
                                     / 0
                                   08 06/ 7
                                     / 0
                                   09 20/ 7
                                     /0 0 7
                                       3/
                                          07
                                                                                                                     Resale (MLS) Home Listings




December 3, 2007
                                   06
                                     /




                                               0
                                                   5,000
                                                           10,000
                                                                    15,000
                                                                             20,000
                                                                                      25,000
                                                                                                             30,000
                                   06 14/
                                     / 0
                                   07 29/ 6
                                     / 0
                                   07 17/ 6
                                     / 0
                                   08 29/ 6
                                     / 0
                                   08 13/ 6
                                     / 0
                                   09 25/ 6
                                     / 0
                                   09 09/ 6
                                     / 0
                                   10 30/ 6
                                     / 0
                                   10 14/ 6
                                     / 0
                                   11 29/ 6
                                                                                               Owner-occupied



                                     / 0
                                   11 13/ 6
                                     / 0
                                   12 27/ 6
                                     / 0
                                   12 11/ 6
                                     / 0
                                   01 25/ 6
                                     / 0




Nevada Housing Market Conditions
                                   01 08/ 6
                                     / 0
                                   02 22/ 7
                                     / 0
                                   02 05/ 7
                                     / 0
                                   03 19/ 7
                                     / 0
                                                                                               Tenant-occupied




                                   03 05/ 7
                                     / 0
                                   04 19/ 7
                                     / 0
                                   04 02/ 7
                                     / 0
                                   04 16/ 7
                                     / 0
                                   05 30/ 7
                                     / 0
                                   05 14/ 7
                                     / 0
                                   06 28/ 7
                                     / 0
                                   06 11/ 7
                                     / 0
                                   07 25/ 7
                                     / 0
                                   07 09/ 7
                                     / 0
                                   08 23/ 7
                                     / 0
                                   08 06/ 7
                                     / 0
                                   09 20/ 7
                                     /0 0 7
                                       3/
                                          07
                                                                                                                      Resale (MLS) Home Listings




December 3, 2007
                                   06
                                     /




                                               0
                                                   5,000
                                                           10,000
                                                                    15,000
                                                                             20,000
                                                                                      25,000
                                                                                                             30,000
                                   06 14/
                                     / 0
                                   07 29/ 6
                                     / 0
                                   07 17/ 6
                                     / 0
                                   08 29/ 6
                                     / 0
                                   08 13/ 6
                                     / 0
                                   09 25/ 6
                                     / 0
                                   09 09/ 6
                                     / 0
                                   10 30/ 6
                                     / 0
                                   10 14/ 6
                                     / 0
                                   11 29/ 6
                                                                                               Owner-occupied



                                     / 0
                                   11 13/ 6
                                     / 0
                                   12 27/ 6
                                     / 0
                                   12 11/ 6
                                     / 0
                                   01 25/ 6
                                     / 0




Nevada Housing Market Conditions
                                   01 08/ 6
                                     / 0
                                   02 22/ 7
                                     / 0
                                   02 05/ 7
                                     / 0
                                   03 19/ 7
                                     / 0
                                                                                               Tenant-occupied




                                   03 05/ 7
                                     / 0
                                   04 19/ 7
                                     / 0
                                   04 02/ 7
                                     / 0
                                   04 16/ 7
                                     / 0
                                                                                               Vacant




                                   05 30/ 7
                                     / 0
                                   05 14/ 7
                                     / 0
                                   06 28/ 7
                                     / 0
                                   06 11/ 7
                                     / 0
                                   07 25/ 7
                                     / 0
                                   07 09/ 7
                                     / 0
                                   08 23/ 7
                                     / 0
                                   08 06/ 7
                                     / 0
                                   09 20/ 7
                                     /0 0 7
                                       3/
                                          07
                                                                                                                      Resale (MLS) Home Listings




December 3, 2007
                                   06
                                     /




                                               0
                                                            10,000
                                                                             15,000
                                                                                      20,000
                                                                                                25,000
                                                                                                         30,000




                                                    5,000
                                   06 14/
                                     / 0
                                   07 29/ 6
                                     / 0
                                   07 17/ 6
                                     / 0
                                   08 29/ 6
                                     / 0
                                   08 13/ 6
                                     / 0
                                   09 25/ 6
                                     / 0
                                   09 09/ 6
                                     / 0
                                   10 30/ 6
                                     / 0
                                   10 14/ 6
                                     / 0
                                   11 29/ 6
                                     / 0
                                   11 13/ 6
                                     / 0
                                   12 27/ 6
                                     / 0
                                   12 11/ 6
                                     / 0
                                   01 25/ 6
                                     / 0
                                   01 08/ 6




Nevada Housing Market Conditions
                                     / 0
                                   02 22/ 7
                                     / 0
                                   02 05/ 7
                                     / 0
                                   03 19/ 7
                                     / 0
                                   03 05/ 7
                                     / 0
                                   04 19/ 7
                                     / 0
                                   04 02/ 7
                                     / 0
                                   04 16/ 7
                                     / 0
                                   05 30/ 7
                                     / 0
                                   05 14/ 7
                                     / 0
                                   06 28/ 7
                                     / 0
                                   06 11/ 7
                                     / 0
                                   07 25/ 7
                                     / 0
                                   07 09/ 7
                                     / 0
                                   08 23/ 7
                                     / 0
                                   08 06/ 7
                                     / 0
                                   09 20/ 7
                                     /0 0 7
                                       3/
                                          07
                                                                                                          28,792
                                                                                                                   Resale (MLS) Home Listings




December 3, 2007
                                                   45.9%
                                                                     11.3%
                                                                                        42.8%
              Residential Home Sales




Nevada Housing Market Conditions       December 3, 2007
                                        New Home Sales
                                             Trailing 12-Month Totals

                                    10-Year Peak: June 2006
                                            32,621
 35,000

 30,000

 25,000

 20,000

 15,000

 10,000

  5,000                                      10-Year Low: Sept. 2007
                                                     19,328
     0
      1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007


Nevada Housing Market Conditions                              December 3, 2007
                                       Existing Home Sales
                                               Trailing 12-Month Totals

              5-Year Peak: June 2006
                      64,713
 70,000

 60,000

 50,000

 40,000

 30,000

 20,000

 10,000                                        5-Year Low: Sept. 2007
                                                       30,453
     0
      2002       2003         2004      2005     2006        2007


Nevada Housing Market Conditions                              December 3, 2007
              Residential Home Prices




Nevada Housing Market Conditions        December 3, 2007
                                     Existing Home Prices
                                              Trailing 12-Month Totals


 $120,000                                                Sept. 2007
                                                          $263,000
 $100,000

  $80,000

  $60,000      Sept. 2001
                $140,000
  $40,000

  $20,000

      $0

 -$20,000

 -$40,000
        2002        2003      2004     2005       2006      2007


Nevada Housing Market Conditions                            December 3, 2007
                                      New Home Prices
                                            Trailing 12-Month Totals


 $120,000                                              Sept. 2007
                                                        $305,000
 $100,000

  $80,000

  $60,000
               Sept. 2001
  $40,000       $170,000

  $20,000

      $0

 -$20,000

 -$40,000

 -$60,000
        2002        2003      2004   2005      2006      2007


Nevada Housing Market Conditions                          December 3, 2007
                   Annual Gain (Loss) in Housing Values


 $120,000

 $100,000

  $80,000

  $60,000

  $40,000

  $20,000

       $0

  -$20,000

  -$40,000
                        New Price Gain   Existing Price Gain
  -$60,000
         02




         03




         04




         05




         06
         02




         03




         04




         05




         06




         07
           2




           3




           4




           5




           6




           7
        -0




        -0




        -0




        -0




        -0




        -0
      S-




      S-




      S-
      S-




      S-
      J-




      J-




      J-




      J-




      J-




      J-
      M




      M




      M




      M




      M




      M
Nevada Housing Market Conditions                               December 3, 2007
                     Annual Gain (Loss) in Housing Values
                                         and Foreclosures


 $120,000                                                                      6,000

 $100,000                                                                      5,000

  $80,000                                                                      4,000

  $60,000                                                                      3,000

  $40,000                                                                      2,000

  $20,000                                                                      1,000

       $0                                                                      0

  -$20,000                                                                     -1,000

  -$40,000                                                                     -2,000
             New Price Gain   Existing Price Gain   Active Foreclosures
  -$60,000                                                                     -3,000
         02




         03




         04




         05




         06
         02




         03




         04




         05




         06




         07
           2




           3




           4




           5




           6




           7
        -0




        -0




        -0




        -0




        -0




        -0
      S-




      S-




      S-




      S-
      S-
      J-




      J-




      J-




      J-




      J-




      J-
      M




      M




      M




      M




      M




      M
Nevada Housing Market Conditions                                          December 3, 2007
              Government Revenue &
               Consumer Spending




Nevada Housing Market Conditions     December 3, 2007
                                                              Taxable Retail Sales
                                                          Year-Over-Year Growth (in millions)


   $800




                                                                                                          ?
   $600

   $400

   $200

      $0

  -$200

  -$400
                  7




                                0




                                             3




                                                          6




                                                                       9




                                                                                    2




                                                                                                  5
        6




                      9




                                    2




                                                 5




                                                               8




                                                                           1




                                                                                        4




                                                                                                       7
                 8




                               9




                                            9




                                                         9




                                                                      9




                                                                                   0




                                                                                                 0
         8




                       8




                                                                                         0
                                    9




                                                 9




                                                              9




                                                                           0




                                                                                                      0
      n-




                    n-




                                  n-




                                               n-




                                                            n-




                                                                         n-




                                                                                      n-




                                                                                                    n-
              l-




                            l-




                                         l-




                                                      l-




                                                                   l-




                                                                                l-




                                                                                              l-
             Ju




                           Ju




                                        Ju




                                                     Ju




                                                                  Ju




                                                                               Ju




                                                                                             Ju
    Ja




                  Ja




                                Ja




                                             Ja




                                                          Ja




                                                                       Ja




                                                                                    Ja




                                                                                                  Ja
 Source: Nevada Department of Taxation

Nevada Housing Market Conditions                                                                  December 3, 2007
                                                            Taxable Retail Sales
                                          Trailing 12-Month Growth Rates (in millions)


   $7,000
   $6,000
   $5,000
   $4,000
   $3,000
   $2,000
   $1,000
         $0
  -$1,000
                    7




                                 0




                                              3




                                                            6




                                                                         9




                                                                                       2




                                                                                                    5
           6




                        9




                                     2




                                                  5




                                                                8




                                                                             1




                                                                                           4




                                                                                                         7
                   8




                                9




                                             9




                                                           9




                                                                        9




                                                                                      0




                                                                                                   0
                                                   9




                                                                              0




                                                                                                         0
           8




                        8




                                     9




                                                                9




                                                                                           0
         n-




                      n-




                                   n-




                                                n-




                                                              n-




                                                                           n-




                                                                                         n-




                                                                                                      n-
                                                                     l-




                                                                                                l-
                l-




                             l-




                                          l-




                                                        l-




                                                                                   l-
               Ju




                            Ju




                                         Ju




                                                       Ju




                                                                    Ju




                                                                                  Ju




                                                                                               Ju
       Ja




                    Ja




                                 Ja




                                              Ja




                                                            Ja




                                                                         Ja




                                                                                       Ja




                                                                                                    Ja
 Source: Nevada Department of Taxation

Nevada Housing Market Conditions                                                                    December 3, 2007
                                      Taxable Retail Sales
                             Inflation-Adjusted, Per Capita Growth Rates


  $1,500

  $1,000

    $500

      $0

   -$500

  -$1,000

  -$1,500

  -$2,000
        87




        90




        93



        96




        99




        02




        05
        86




        89




        92




        95




        98




        01



        04




        07
      l-




      l-




      l-



      l-




      l-




      l-




      l-
     n-




     n-




     n-




     n-




     n-




     n-



     n-




     n-
    Ju




    Ju




    Ju



    Ju




    Ju




    Ju




    Ju
   Ja




   Ja




   Ja




   Ja




   Ja




   Ja



   Ja




   Ja
Nevada Housing Market Conditions                             December 3, 2007
                                     Growth in Taxable Spending
                                              (inflation adjusted, per capita)


                                          High Point
 $1,500                                   (Q4 2004)

 $1,000

   $500

     $0

  ($500)
                                   37 Months
 ($1,000)
                       Low Point                          37 Months (Q4 2007)
 ($1,500)
                       (Q4 2001)
        2000    2001     2002      2003      2004      2005   2006        2007



Nevada Housing Market Conditions                                     December 3, 2007
                                     Change in Inflation-Adjusted
                                   Taxable Spending Per Employee

                                                     37 Months
                       14 Months                               34 Months
 $1,500
                               27 Months
 $1,000
                 30 Months               31 Months
                          12 Months
            16 Months               13 Months
   $500

     $0

  ($500)

 ($1,000)

 ($1,500)

 ($2,000)
        1990    1992   1994   1996    1998   2000   2002   2004    2006


Nevada Housing Market Conditions                              December 3, 2007
                                 Nevada’s Taxable Property Value
                                                      (in billions)


 $300

 $250

 $200

 $150

 $100

  $50

    $0
         97


                 98


                         99


                                 00


                                         01


                                                 02


                                                         03


                                                                 04


                                                                         05


                                                                                 06
                      19
      19


              19




                              20


                                      20


                                              20


                                                      20


                                                              20


                                                                      20


                                                                              20
Nevada Housing Market Conditions                                         December 3, 2007
                                            Taxable Value Distribution
                                                                Clark County, 2007

        Single-Family Residential   Duplex Residential        Tri-Plex Residential
        Four-Plex Residential       Apartment Residential     Townhouses Residential
        Condominiums                Manufactured Housing      Other Residential




  1% Decline in
 Value = Greater
  than $1.0B in
     Impact
                                              Single-Family
                                               Residential,
                                                 $148 B




Nevada Housing Market Conditions                                              December 3, 2007
                           Construction




Nevada Housing Market Conditions          December 3, 2007
                         Residential Units Permitted
                                             Trailing 12-Month Totals

                                     10-Year Peak: May 2006
                                             43,303
 50,000
 45,000
 40,000
 35,000
 30,000
 25,000
 20,000
 15,000
 10,000
                                              10-Year Low: July 2007
  5,000                                               19,962
     0
      1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007


Nevada Housing Market Conditions                              December 3, 2007
                       Commercial Value Permitted
                                           Trailing 12-Month Totals

                                          10-Year Peak: Aug. 2007
 $2.5                                              $2.1 B



 $2.0


 $1.5


 $1.0


 $0.5


 $0.0
    1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007


Nevada Housing Market Conditions                           December 3, 2007
                         Commercial Permits Issued
                                                 Trailing 12-Month Totals

                                         10-Year Peak: May 2006
                                                  1,605
 1,800

 1,600

 1,400

 1,200

 1,000

  800
                    10-Year Low: Sept. 2002
  600                         981

  400
                                                   Current: May 2006
  200                                                    1,175
    0
     1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007


Nevada Housing Market Conditions                                  December 3, 2007
                                         Construction Employment
  12%

  10%

    8%
                                                                                        National Average
    6%

    4%

    2%

    0%
                  2




                                     5




                                                        8




                                                                           1




                                                                                              4




                                                                                                                  7
       90




                          93




                                             96




                                                                99




                                                                                   02




                                                                                                      05
               -9




                                  -9




                                                     -9




                                                                        -0




                                                                                           -0




                                                                                                               -0
       -




                         -




                                            -




                                                               -




                                                                                  -




                                                                                                     -
            ay




                               ay




                                                  ay




                                                                     ay




                                                                                        ay




                                                                                                            ay
    ov




                      ov




                                         ov




                                                            ov




                                                                               ov




                                                                                                  ov
            M




                               M




                                                  M




                                                                     M




                                                                                        M




                                                                                                           M
   N




                      N




                                         N




                                                            N




                                                                               N




                                                                                                  N
 Source: Nevada Department of Employment, Training and Rehabilitation

Nevada Housing Market Conditions                                                                         December 3, 2007
               Economic Development &
                   Business Growth




Nevada Housing Market Conditions        December 3, 2007
                                   Employment Growth
                                               Trailing 12-Month Totals
                                    Peak: Feb. 2006
                                        60,200
 70,000

 60,000

 50,000

 40,000

 30,000

 20,000

 10,000

      0
                                                  Low: October 2007
 -10,000                                               11,500
 -20,000
       1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007


Nevada Housing Market Conditions                              December 3, 2007
                               Annual Employment Growth
                                              (jobs in 000s)


   70
   60
   50     Mirage
         Excalibur
   40
   30
   20
   10
    -
  (10)
  (20)
     89
     90
     91
     92
     93
     94
     95
     96
     97
     98
     99
     00
     01
     02
     03
     04
     05
     06
     07
   20
   20
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   20
   20
   20
   20
   20
   20
Nevada Housing Market Conditions                 December 3, 2007
                                  Annual Employment Growth
                                                 (jobs in 000s)

                         Luxor
   70                  MGM Grand
                     Treasure Island
   60
   50
   40
   30
   20
   10
    -
  (10)
  (20)
     89
     90


     92
     93
     94
     95
     96
     97
     98
     99
     00
     01


     03
     04
     05
     06
     07
     91




     02
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   20
   20
   20
   20
   20
   20
   20
   20
Nevada Housing Market Conditions                    December 3, 2007
                               Annual Employment Growth
                                                  (jobs in 000s)


   70                              Monte Carlo
                                      NY NY
   60                              Stratosphere
   50
   40
   30
   20
   10
    -
  (10)
  (20)
     89
     90


     92
     93
     94
     95
     96
     97
     98
     99
     00
     01


     03
     04
     05
     06
     07
     91




     02
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   20
   20
   20
   20
   20
   20
   20
   20
Nevada Housing Market Conditions                     December 3, 2007
                               Annual Employment Growth
                                                   (jobs in 000s)

                                      Bellagio
   70                               Mandalay Bay
                                      Venetian
   60                                  Paris
   50
   40
   30
   20
   10
    -
  (10)
  (20)
     89
     90


     92
     93
     94
     95
     96
     97
     98
     99
     00
     01


     03
     04
     05
     06
     07
     91




     02
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   20
   20
   20
   20
   20
   20
   20
   20
Nevada Housing Market Conditions                      December 3, 2007
                               Annual Employment Growth
                                              (jobs in 000s)


   70                                              Wynn
                                                  Red Rock
   60
   50
   40
   30
   20
   10
    -
  (10)
  (20)
     89
     90
     91
     92
     93
     94
     95
     96
     97
     98
     99
     00
     01
     02
     03
     04
     05
     06
     07
   20
   20
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   19
   20
   20
   20
   20
   20
   20
Nevada Housing Market Conditions                 December 3, 2007
                                                    Population In-Migration
                                       Change in Drivers Licenses Surrendered


   15,000


   10,000

    5,000

         0

   -5,000


  -10,000
                    2




                                       5




                                                          8




                                                                             1




                                                                                                4




                                                                                                                   7
         90




                            93




                                               96




                                                                  99




                                                                                     02




                                                                                                        05
                 -9




                                    -9




                                                       -9




                                                                          -0




                                                                                             -0




                                                                                                                -0
         -




                           -




                                              -




                                                                 -




                                                                                    -




                                                                                                       -
              ay




                                 ay




                                                    ay




                                                                       ay




                                                                                          ay




                                                                                                             ay
      ov




                        ov




                                           ov




                                                              ov




                                                                                 ov




                                                                                                    ov
             M




                                 M




                                                  M




                                                                     M




                                                                                          M




                                                                                                           M
     N




                        N




                                           N




                                                              N




                                                                                 N




                                                                                                    N
Nevada Housing Market Conditions                                                                         December 3, 2007
                                   The Perception Factor




Nevada Housing Market Conditions                 December 3, 2007
Nevada Housing Market Conditions
December 3, 2007

				
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