Financial Markets
The Dow Jones experienced noticeable swells this past week, losing as much as 400 pts at one point during the week. The tragic earthquake and tsunamis in Japan and the concern over their nuclear power plants potentially creating further damage took its toll on US stocks. Later in the week, stocks rallied, particularly on Friday, when news broke that there was going to be a cease-fire in Libya. The stock market gained 83 pts and landed at 11,858. However, for those who tuned into the news this past weekend, you know that the cease-fire didn’t last long. Expect more market volatility Monday.
The bond market rallied as investors fled stocks for the safety of US bonds in the middle of the week. Mortgage rates dropped but then lost ground Friday as investors began a re-entry back to stocks.
Local Economy and Real Estate Market
Home sales for February 2011 broke 3,200. 57% (1,833) were foreclosure properties, 19% (617) were short sales and 23% (759) were “regular” sales. Southern Nevada still remains a cash-heavy market, as roughly 50% of the buyers paid cash for the homes.
