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Document Sample
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%
15%
20%
25%
h ak
D
M akota
o
V e n t ota
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ist
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N om wa
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of ra ng
C o I d sk
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N Arum ho
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a i
M ns a
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el xi
a
M Vi w aco
W in rg re
National Average
as ne ini
h s a
N Aling ota
ab to
or
th K amn
C a a
W ar nsa
is oli s
c n
M O on s a
as re i
sa H gon
N ch aw n
Nevada Housing Market Conditions
N e u a
e w w J set ii
e t
W H A rs s
So es am lasey
ut t V p s ka
h i hi
Co Carginre
nn ro ia
l
Coec t ina
M lor ic u
ar ad t
Geyla o
K o nd
O e nt rgi
kl u a
a
M hoc ky
iss m
Il l o u a
in ri
o
U is
Lo M h ta
a
Pe uis ine
Source: Mortgage Bankers Association, National Delinquency Survey Q2 2007 n n i an
s Te a
N yl v xa
e a s
M w nia
Y
R h C ich or
al i g k
od i f a
o n
Tee Is r ni
nn l a a
n
Iness d
di ee
a
On
Fl hi a
M A r or i o
iss iz da
i s on
N sip a
ev p
adi
a
December 3, 2007
Subprime Loans as a % of Total
O
kl
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Araho
So N ka m
ut e ns a
h br a s
a
LoDa sk
M u ko a
is is t
N Wsis iana
or y sip a
th om p
D in i
ak g
W o
es Io t a
Pe t T w
nn Vir ex a
sy g i n a s
lv ia
Kaani
n a
National Average
VeAla sas
s
N Ke rm ka
ew n o
t n
Mu t
Al exc ky
M ab i c
Te on amo
n n ta a
e na
Msse
a e
Nevada Housing Market Conditions
N Ind ine
e w ia
W
is Yona
co r
n k
N O si n
N o r t M Id h i o
e w h is a
So H Ca so ho
ut am r o uri
R h h C p lin
od ar shi a
N e oli re
e w Is na
l
Jeand
M Or rse
in eg y
n
Geesoo n
M t
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
a w
W De ryla aii
as la n
D h w d
ist Coing are
ric l o to
t Fl radn
of o o
C oAri r id
z a
Calumon
lif b a
i
N or n a
e v ia
ad
a
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
