While the Main Street Media headline reports declining house sales in Las Vegas, the artcle actally brings me and my investors GOOD NEWS "Home Priced for $200,000 or more saw sales rise 32.7% year over year". Relative cost of homes in the Las Vegas area also played a factor in the decline. Sales of homes priced below $100,000 dropped 45.3 percent from a year earlier, while houses priced under $200,000 fell 28.3 percent year-over-year, according to the report.
More expensive homes saw opposite trends, gaining ground on more affordable properties. READ MOREhttp://dsnews.com/las-vegas-mirrors-national-home-price-slowdown/
Christopher Thornberg, a founding partner at Los Angeles-based Beacon Economics LLC, and Bruce Simon, City National Bank’s chief investment officer, presented their forecasts Wednesday at the bank’s 2014 Economic Forecast and Market Update.
Thornberg expected U.S. growth of 3 percent to 3.5 percent this year. He said Nevada took a double whammy during the recession from subprime loans and a resulting decline in gambling and visitor revenues, as many California residents also suffered from subprime loans.
Simon said bankers tend to be more conservative, with City National’s estimate for U.S. growth this year at 2.5 percent to 3 percent. Simon said “five years out of recession… we are returning to a more (stable) environment.”
“Nevada and Las Vegas are turning the corner,” Thornberg told about 120 people gathered in a ballroom at the MGM Grand. “We expect 2014 to be a good year, with 2015 being an even better year.” READ MOREDavid Cooper Las Vegas Real Estate Buyers Group
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