I want to wish you and your family’s a relaxing and safe Labor Day weekend! (ok…how about we settle for busy!)
We will be accepting loan applications for FHA loans up to $400,000 until September 15th. We are required to have credit approval by September 30th in order to secure the financing. After September 15th, we can only accept loan applications for loan amounts up to $287,500…
Financial Markets
The Dow Jones experienced more chop as it rose roughly 400 points by mid-week, only to give it all back on Friday, ending the week down 46 points at 11,240. The catalyst for the drop was the August employment report, which showed a net 0 jobs gained for the month. This adds to the fuel of the double-dip recession fire, and all eyes will be on President Obama and his upcoming speech on unemployment. The unemployment rate held steady at 9.1%.
Southern Nevada Real Estate and Economy
Below is an article ranking the top home builders in Southern Nevada for the 1st half of this year.
1. DR Horton 220 homes closed
2. KB Homes 197 homes closed
3. Richmond American Homes 143 homes closed
4. Lennar 136 homes closed
5. Harmony Homes (largest privately held builder) 127 homes closed
As a whole, the home building industry closed 1669 homes during the first 6 months of the year. The median priced home was $197,903. The top 3 master plan communities were:
1. Mountain’s Edge (average priced home = $195,911)
2. Providence (average priced home = $210,033)
3. Summerlin (average priced home = $238,178)
