Good Afternoon,
- This week, our branch closed our first FHA loan with a FICO below 620 as well as Nevada State Bond with Down Payment Assistance.
Financial Markets
Stocks fell as the Dow dropped roughly 200 pts this week, landing at 12,638. It would have been worse for stocks had it not been for a better than expected jobs report that was released Friday. The private sector added 268,000 jobs for the month of April, which beat expectations by nearly 50,000 jobs.
Oil prices plummeted and dropped nearly 15% for the week, as the price per barrel dropped below $100. It was the largest weekly decline in crude in nearly 30 years. Below is a link from CNBC that discusses the price of oil/gas and offers predictions on what to expect at the pump for the upcoming months.
Local Real Estate and Economy
MGM CEO Jim Murren offers statistics for the improvement in the casino industry, and sites that the industry is experiencing a full recovery. Convention attendance and room revenue beat forecaster expectations and he states that the increase in gas prices did not affect travel numbers as much as feared. Below is the link of the article in its entirety.
A developer out of Texas is on the fast track to getting project approval to build a sports complex near the Mandalay Bay that would house the Las Vegas 51’s, bring a professional soccer team as well as potential NBA team to Las Vegas. Bringing a professional sports team to Las Vegas and high speed rail to the beach in California are at the top of my wish list for Southern Nevada!
