Financial Markets
The Dow Jones lost ground again this week, but certainly could have been much worse. At one point, the index was down over 600 points for the week. The Dow ended the week at 11,269. A healthy Retail Sales report instigated a rally on Friday, as sales were up .5%. Investors seemed undeterred from purchasing stocks by the Consumer Sentiment Index, which came in at 54.9, much lower than the 62.5 number that was expected. Mortgage rates for 30 year fixed products are now hovering in the low 4’s as a result of the carnage left behind in the stock market.
Southern Nevada Real Estate and Economy
July sales for Clark County were released this week. According to the GLVAR, 3,164 single family residences and 873 condos were sold for the month. The sales clip is up 7.3% from July 2010 and down 12.8% from June 2011. 52% were purchased with cash. 20.2% were short-sales, 50.2% were foreclosures.
On a positive note for our region’s biggest industry, Gaming Revenue is up 19.9% for the month of June for Clark County as compared to June 2010, this according to the below article in the RJ.
As a reminder, we rolled out financing for individuals that own more than 4 financed properties.
