Appendices Charts & Tables

Transcription

1 Financial Crisis Inquiry Commission Hearing September 8, 2010 Las Vegas, NV Appendices Charts & Tables Financial Crisis Inquiry Commission 1

2 Selected National Comparisons Financial Crisis Inquiry Commission 2

3 35 Millions40 30 Resident Population 2009 Estimates Source(s): United States Census Bureau Financial Crisis Inquiry Commission 3

4 35% Resident Population Growth Rate % 25% 20% 15% 10% 5% United States = 9.1% 0% Source(s): United States Census Bureau Financial Crisis Inquiry Commission 4

5 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Statewide Employment Growth Rate Over the Same Month Prior Year United States 0.01% Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 5

6 2.0% Statewide Employment 10 Year Compound Annual Growth Rate 1.5% 1.0% 0.5% 0.0% 0.5% United States = 0.1% 1.0% 1.5% 2.0% 2.5% Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 6

7 16.0% Unemployment Rates Seasonally Adjusted As of Jul % 12.0% 10.0% 8.0% United States = 9.5% 6.0% 4.0% 2.0% 0.0% Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 7

8 United States = 34.2 Hours Average Weekly Hours Worked Private Sector As of Jul 10 Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 8

9 Average Weekly Hours Cut/Added Since the Recessionary Period Began United States = 0.8 Hours Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 9

10 $1,400 Average Weekly Earnings Private Sector As of Jul 10 $1,200 $1,000 $800 United States = $ $600 $400 $200 $0 Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 10

11 25% 20% 15% 10% Change in Average Weekly Earnings Since the Recessionary Period Began 5% 0% United States = +2.4% 5% 10% 15% Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 11

12 4% Housing Price Appreciation Growth Rate Over the Prior Quarter 2% 0% 2% United States = 1.6% 4% 6% 8% 10% 12% Source(s): Federal Housing Finance Agency Financial Crisis Inquiry Commission 12

13 6% 4% 2% 0% 2% 4% 6% 8% 10% 12% 14% Housing Price Appreciation 5 Year Compounded Annual Growth Rate United States = 0.9% Source(s): Federal Housing Finance Agency Financial Crisis Inquiry Commission 13

14 7% 6% 5% 4% 3% New Foreclosures As a % of Total Housing Units Since the Recession Began 2% United States = 1.5% 1% 0% Source(s): Applied Analysis; based on figures released by foreclosure.com and the United States Census Bureau Financial Crisis Inquiry Commission 14

15 80% 70% 60% 50% 40% Negative Equity Mortgages As a % of Total Mortgages Outstanding As of Q % 20% 10% United States = 23.0% Not Reported 0% Source(s): CoreLogic Financial Crisis Inquiry Commission 15

16 140% Loan to Value Ratio Of Mortgages Outstanding As of Q % 100% 80% 60% United States = 69.8% 40% 20% Not Reported 0% Source(s): CoreLogic Financial Crisis Inquiry Commission 16

17 United States Foreclosure Rankings By State Q1 + Q Rank 1 2 State Nevada Total Properties with Foreclosure Filings % of Housing Units 1 in Every X Housing Units Arizona 91, % Change vs. Last Year 64, % 1.7% 3 Florida 277, % 4 California 340, % 5 Utah 18, % 6 Georgia 71, % 7 Michigan 78, % 8 Idaho 10, % 9 Illinois 85, % 10 Colorado 30, % Source(s): RealtyTrac Financial Crisis Inquiry Commission 17

18 Total Shortfall as Percent of FY 11 Budget NV #1 Source(s): Map by Applied Analysis; Center of Budget and Policy Priorities Financial Crisis Inquiry Commission 18

19 Population Financial Crisis Inquiry Commission 19

20 Millions Nevada Population Annual Series '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 Source(s): Nevada State Demographer s Office Financial Crisis Inquiry Commission 20

21 Clark County Drivers License Surrenders 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 Trailing 12 Month Series 0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Motor Vehicles Financial Crisis Inquiry Commission 21

22 Clark County Electric Meter Hookups 750, , , , , , ,000 Monthly Series 400,000 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): NV Energy Financial Crisis Inquiry Commission 22

23 Employment Financial Crisis Inquiry Commission 23

24 1,350,000 Nevada Employment Monthly Series 1,250,000 1,150,000 Peak to Present = 195,500 1,050, , , , ,000 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation Financial Crisis Inquiry Commission 24

25 80,000 60,000 40,000 20, ,000 40,000 60,000 80, ,000 Nevada Employment Growth Year Over Year Growth 120,000 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation Financial Crisis Inquiry Commission 25

26 Professional & Business Services Education & Health Services Natural Resources & Mining Trade, Transportation & Utilities Nevada Employment Growth By Sector (Past 12 Months) Other Services Manufacturing Information Government Financial Activities Leisure & Hospitality Construction Total Job Losses = 25,100 18,200 5, ,100 1,700 2,000 2,100 1,500 1, ,300 30,000 20,000 10, ,000 Source(s): Nevada Department of Employment, Training and Rehabilitation Financial Crisis Inquiry Commission 26

27 United States Job Growth 2006 NV #4 +4.6% Source(s): Maps by Applied Analysis; based on data from the United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 27

28 United States Job Growth 2007 NV # % Source(s): Maps by Applied Analysis; based on data from the United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 28

29 United States Job Growth 2008 NV #49 2.2% Source(s): Maps by Applied Analysis; based on data from the United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 29

30 United States Job Growth 2009 NV #51 9.1% Source(s): Maps by Applied Analysis; based on data from the United States Bureau of Labor Statistics Financial Crisis Inquiry Commission 30

31 United States Job Growth 2010(p) NV #51 2.2% Source(s): Maps by Applied Analysis; based on data from the United States Bureau of Labor Statistics (As of July 2010) Financial Crisis Inquiry Commission 31

32 Unemployment Rate 15% 14% Nevada Unemployment Rate US Unemployment Rate 14.4% 13% 12% 11% 10% 9% 9.5% 8% 7% 6% 5% 4% 3% '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation; Bureau of Labor Statistics Financial Crisis Inquiry Commission 32

33 160,000 Construction Employment Monthly Series 140, ,000 Peak to Present = 102, ,000 80,000 60,000 40,000 20,000 0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation Financial Crisis Inquiry Commission 33

34 Casino Hotel & Gaming Employment 230,000 Monthly Series 220, ,000 Peak to Present = 37, , , , , ,000 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation Financial Crisis Inquiry Commission 34

35 Tourism Financial Crisis Inquiry Commission 35

36 60 55 Nevada Visitor Volume Annual Series 39.3 M 40.5 M 41.5 M 42.1 M 42.0 M 47.3 M 49.6 M 48.4 M 48.9 M 49.3 M 51.1 M 49.5 M 49.5 M 51.8 M 51.6 M 54.6 M 54.6 M '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10(p) Millions (P) Preliminary; For the trailing 12 months ending March 2010 Source(s): Nevada Commission on Tourism Financial Crisis Inquiry Commission 36

37 $140 Average Daily Room Rates Annual Series $50.42 $49.35 $48.78 $50.08 $52.71 $57.47 $60.42 $62.39 $64.01 $69.73 $77.54 $83.73 $80.25 $82.00 $94.01 $99.60 $ $ $ $ $120 $100 $80 $60 $40 $20 $0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 Source(s): Nevada Gaming Control Board Financial Crisis Inquiry Commission 37

38 200,000 Nevada Hotel Room Inventory Annual Series 195, , , , , , , , , , , , ,000 '04 '05 '06 '07 '08 '09 '10(p) (P) Preliminary; as of March 2010 Source(s): Nevada Commission on Tourism Financial Crisis Inquiry Commission 38

39 86% Hotel/Motel Room Occupancy Rates Annual Series 84% 82% 84.3% 84.3% 85.2% 80% 80.5% 78% 76% 74% 72% 76.1% 75.6% 70% '05 '06 '07 '08 '09 '10(p) (P) Preliminary; for the trailing 12 months ending March 2010 Source(s): Nevada Commission on Tourism Financial Crisis Inquiry Commission 39

40 $14 Nevada Gross Gaming Revenues Annual Series $5.5 B $5.6 B $5.9 B $6.2 B $7.0 B $7.4 B $7.4 B $7.8 B $8.1 B $9.0 B $9.6 B $9.5 B $9.4 B $9.6 B $10.6 B $10.4 B $10.3 B $11.6 B $11.6 B $12.6 B $12.8 B $12 $10 $8 $6 $4 $2 $0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10(p) Billions (P) Preliminary; For the trailing 12 months ending June 2010 Source(s): Nevada Gaming Control Board Financial Crisis Inquiry Commission 40

41 $150 $140 Nevada Slot Machine Coin in Financial Crisis Inquiry Commission 41 $118.3 B $116.3 B $115.4 B $111.9 B $108.3 B $117.8 B $124.0 B $125.6 B $133.0 B $138.1 B $137.8 B $130 $120 $110 $100 $90 $80 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10(p) '00 Billions (P) Preliminary; For the trailing 12 months ending June 2010 Nevada Table & Game Drop $23.7 B '01 $22.2 B '02 '03 '04 '05 '06 '07 '08 '09 '10(p) $20.7 B $20.8 B $25.2 B $28.9 B $28.5 B $29.8 B $29.8 B $31.1 B $31.6 B Preliminary Draft Subject to Change $32 $30 Billions $28 $26 $24 $22 $20 $18 $16 Source(s): Nevada Gaming Control Board

42 60 Intent to Travel Bi Monthly Series '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 Source: Source(s): The The Conference Board Financial Crisis Inquiry Commission 42

43 $30 $25 Total Revenue (Nevada Gaming Industry) (in billions) Growth: 66% Total Revenue and Long term Debt in Nevada s Tourism Sector $35 $30 $25 (in billions) Total Long Term Debt (Nevada Gaming Industry) Growth: 557% $20 $20 $15 $15 $10 $10 $5 $5 '97 '99 '01 '03 '05 '07 '09 $0 '97 '99 '01 '03 '05 '07 '09 Source(s): Nevada Gaming Control Board Financial Crisis Inquiry Commission 43

44 Southern Nevada/ Statewide Social Indicators Financial Crisis Inquiry Commission 44

45 12,000 Notice of Breaches and Default Monthly Series 10,000 8,000 6,000 4,000 2,000 0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Clark County Recorder s Office Financial Crisis Inquiry Commission 45

46 40,000 Nevada Welfare Caseloads Monthly Series 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Health and Human Services Division of Welfare and Supportive Services Financial Crisis Inquiry Commission 46

47 350, , , , , ,000 50,000 SNAP (Food Stamp) Participants Monthly Series 0 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Health and Human Services Division of Welfare and Supportive Services Financial Crisis Inquiry Commission 47

48 300,000 Medicaid Eligible Recipients (Retroactive) Monthly Series 250, , , ,000 50,000 0 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Health and Human Services Division of Welfare and Supportive Services Financial Crisis Inquiry Commission 48

49 30,000 29,000 28,000 27,000 26,000 25,000 24,000 23,000 22,000 21,000 20,000 Nevada Checkup Enrollment Monthly Series Source(s): Nevada Department of Health and Human Services Division of Healthcare Financing and Policy Financial Crisis Inquiry Commission 49

50 Households Served by Three Square 60,000 Monthly Series 50,000 40,000 30,000 20,000 10,000 0 Source(s): Three Square Financial Crisis Inquiry Commission 50

51 5,000 4,800 4,600 4,400 4,200 4,000 3,800 3,600 3,400 3,200 3,000 Property Crime Incidents Monthly Series Source(s): Las Vegas Metro Police Department Financial Crisis Inquiry Commission 51

52 3,000 Juvenile Referrals Monthly Series 2,500 2,000 1,500 1, '04 '05 '06 '07 '08 '09 '10 Source(s): Clark County Financial Crisis Inquiry Commission 52

53 60% Students Receiving Free & Reduced Lunch Assistance 50% 40% 30% 20% 10% 0% Source(s): Clark County School District Financial Crisis Inquiry Commission 53

54 Homeless Children Enrolled in the CCSD 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Monthly Series Source(s): Clark County School District Financial Crisis Inquiry Commission 54

55 Number of All CPS Investigation Calls 1,200 Monthly Series 1, '05 '06 '07 '08 '09 Source(s): Clark County Family Services Department Financial Crisis Inquiry Commission 55

56 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Social Service Clients Not Seen Due to Lack of Capacity Source(s): Clark County Financial Crisis Inquiry Commission 56

57 1,600 Emergency Room Holds at UMC Monthly Series 1,500 1,400 1,300 1,200 1,100 1,000 Source(s): University Medical Center of Southern Nevada Financial Crisis Inquiry Commission 57

58 Southern Nevada Residential Market Financial Crisis Inquiry Commission 58

59 Southern Nevada Residential Market Demand Indicators Q Q New Home Sales 1,978 1,199 New H ome Sales Price $193,300 $212,800 Existing Home Sales 13,477 13,476 Existing Home Sales Price $123,900 $123,800 Supply Indicators Residential Permits 1,535 1,795 MLS Listings (end of quarter) 12,253 13,490 Foreclosures Foreclosures New 8,163 7,671 Foreclosures Active (end of quarter) 8,646 8,686 Source(s): SalesTraq; Greater Las Vegas Association of REALTORS; Local Building Permitting Agencies; Foreclosure.com Financial Crisis Inquiry Commission 59

60 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Clark County Housing Units Permitted Annual Series 0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10(p) (P) Preliminary; For the trailing 12 months ending June 2010 Source(s): Local Building Permitting Agencies Financial Crisis Inquiry Commission 60

61 45,000 Clark County New Home Sales Trailing 12 Month Totals 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): SalesTraq Financial Crisis Inquiry Commission 61

62 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Clark County New Home Sales Price Monthly Series $0 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): SalesTraq Financial Crisis Inquiry Commission 62

63 Clark County Home Sales Prices Resale Home Prices as a Percentage of New Home Prices 120% 100% 80% 60% 40% 20% 0% '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Calculations based on SalesTraq figures Financial Crisis Inquiry Commission 63

64 $350 $300 $250 $200 $150 $100 $50 $0 Clark County New Home Sales Price PSF Monthly Series Source(s): SalesTraq Financial Crisis Inquiry Commission 64

65 60,000 Clark County Existing Home Sales Trailing 12 Month Totals 50,000 40,000 30,000 20,000 10,000 0 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): SalesTraq Financial Crisis Inquiry Commission 65

66 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 Clark County Existing Home Sales Price Monthly Series $0 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): SalesTraq Financial Crisis Inquiry Commission 66

67 Clark County Existing Home Sales Price PSF Monthly Series $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $0 Source(s): SalesTraq Financial Crisis Inquiry Commission 67

68 Resale (MLS) Home Listings 16,000 14,000 12,000 Tenant Occupied Vacant Owner Occupied 10,000 8,000 6,000 4,000 2,000 0 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Source(s): Greater Las Vegas Association of REALTORS Financial Crisis Inquiry Commission 68

69 Resale (MLS) Home Listings 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Pending Contingent Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Source(s): Greater Las Vegas Association of REALTORS Financial Crisis Inquiry Commission 69

70 Available and Contracted Homes 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Other 7,656 Short Sales 5,871 Available Other 4,056 Short Sales 10,140 (43.3%) (71.4%) Contingent/ Pending Source(s): Greater Las Vegas Association of REALTORS Financial Crisis Inquiry Commission 70

71 12,000 Clark County Active Foreclosures Monthly Series 10,000 8,000 6,000 4,000 2,000 0 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Foreclosure.com Financial Crisis Inquiry Commission 71

72 Housing Market Instability Foreclosure Rates (Q1+Q2 10) United States: 1 in 78 California: 1 in 39 Arizona: 1 in 30 Nevada: 1 in 17 Source: RealtyTrac Financial Crisis Inquiry Commission 72

73 Apartment Market Average Monthly Rents $950 $900 $850 $800 $750 $700 $650 $ '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission 73

74 Apartment Market Occupancy Rate 97% 96% 95% 94% 93% 92% 91% 90% 89% 88% 87% '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission 74

75 Nevada Residential Market and Other Comparison Charts Financial Crisis Inquiry Commission 75

76 Subprime Loans as a % of Total 20% 15% 10% National Average = 10.3% 5% 0% ARMs as a % of Total 40% 30% 20% 10% National Average = 15.4% 0% Source: Mortgage Bankers Association, National Delinquency Survey Q Financial Crisis Inquiry Commission 76

77 Loans with Installments Past Due (All Loans) 20% 15% 10% National Average = 10.4% 5% 0% Loans with Installments Seriously Past Due (90+ days) 10% 8% 6% 4% 2% 0% National Average = 5.1% Source: Mortgage Bankers Association, National Delinquency Survey Q Financial Crisis Inquiry Commission 77

78 (in thousands) $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 Median Sales Price of Existing Homes Gains Reno/Sparks: 0.8% Gains Las Vegas: +4.2% Reno/Sparks: 19.4% Gains Las Vegas: 25.9% Reno/Sparks: +23.1% Gains Las Vegas: +14.4% Reno/Sparks: 7.4% Gains Las Vegas: 6.2% Gains Reno/Sparks: +38.8% Las Vegas: +48.7% State of Nevada Reno/Sparks: 25.2% Las Vegas: 35.2% 09 10(p) Gains Reno/Sparks: 7.0% Las Vegas: 0.4% $0 '03 '04 '05 '06 '07 '08 '09 '10(p) (P) Preliminary; for the second quarter of Source(s): National Association of REALTORS Financial Crisis Inquiry Commission 78

79 40% Nevada Housing Price Appreciation Four Quarter Growth Rates United States 30% 20% 10% 0% 10% 20% 30% '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 Source(s): Federal Housing Finance Agency Financial Crisis Inquiry Commission 79

80 Housing Price Depreciation Rankings By State Q Rank Region Year over year 1 Idaho 11.0% 2 Arizona 8.2% 3 Delaware 7.5% 4 Nevada 7.2% 5 Florida 5.9% 6 Maine 5.4% 7 Michigan 5.4% 8 New Hampshire 5.2% 9 New Mexico 5.0% 10 Alabama 4.9% Source(s): Federal Housing Finance Agency Financial Crisis Inquiry Commission 80

81 Housing Price Depreciation Rankings By Metropolitan Area Q Rank Region Year over year 1 Bend, OR 18.6% 2 Ocala, FL 18.6% 3 Madera Chowchilla, CA 17.6% 4 Lakeland Winter Haven, FL 17.6% 5 Reno Sparks, NV 17.3% 6 Orlando Kissimmee Sanford, FL 16.1% 7 Lake Havasu City Kingman, AZ 15.1% 8 Deltona Daytona Beach Ormond Beach, FL 15.0% 9 Port St. Lucie, FL 14.4% 10 Las Vegas Paradise, NV 13.9% Source(s): Federal Housing Finance Agency Financial Crisis Inquiry Commission 81

82 Southern Nevada Commercial Market Financial Crisis Inquiry Commission 82

83 Southern Nevada Office Market Overview Q Q Inventory (SF) 49.7 M 49.2 M Vacancy 24.1% 21.8% Lease Rates $2.13 psf $2.32 psf Net Absorption (SF) 427, ,000 Completed (SF) 365,000 Under Construction (SF) 611, M Source(s): Applied Analysis Financial Crisis Inquiry Commission 83

84 Millions Inventory Southern Nevada Office Market Inventory and Vacancy Rates Vacancy Rate 30% 25% 40 20% 30 15% 20 10% 10 5% '06 '07 '08 '09 '10 Source(s): Applied Analysis 0% Financial Crisis Inquiry Commission 84

85 Millions Southern Nevada Office Market Vacant Inventory and Average Asking Rates Vacant Inventory Avg Asking Price $2.40 $2.35 $ '06 '07 '08 '09 '10 Source(s): Applied Analysis $2.25 $2.20 $2.15 $2.10 $2.05 Financial Crisis Inquiry Commission 85

86 Southern Nevada Office Market $2.40 Average Asking Price $2.40 Actual Lease Rates $2.20 $2.00 $2.27 $2.23 $2.16 $2.13 $2.20 $2.00 $1.80 $1.93 $1.80 $1.60 $1.69 $0.83 PSF $1.60 $1.40 $1.49 $1.40 Q Q Q Q $1.30 $1.20 Q Q Q Q Source(s): Applied Analysis; compilation by InBusiness Las Vegas Financial Crisis Inquiry Commission 86

87 30 Change in Office Using Employment (in thousands) Las Vegas Office Market 1,500 (in thousands) Net Absorption , ,000 1,500 '03 '04 '05 '06 '07 '08 '09 '10 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation; Applied Analysis Financial Crisis Inquiry Commission 87

88 Southern Nevada Retail Market Overview Q Q Inventory (SF) 51.9 M 51.2 M Vacancy 10.4% 10.2% Lease Rates $1.68 psf $2.02 psf Net Absorption (SF) 166, ,000 Completed (SF) 139,000 0 Under Construction (SF) 569, M Source(s): Applied Analysis Financial Crisis Inquiry Commission 88

89 Millions Inventory Southern Nevada Retail Market Inventory and Vacancy Rates Vacancy Rate 12% 10% 40 8% 30 6% 20 4% 10 2% '06 '07 '08 '09 '10 Source(s): Applied Analysis 0% Financial Crisis Inquiry Commission 89

90 Millions 6 5 Southern Nevada Retail Market Vacant Inventory and Average Asking Rates Vacant Inventory Avg Asking Price $2.50 $ $ $ $ $ '06 '07 '08 '09 '10 Source(s): Applied Analysis $1.00 Financial Crisis Inquiry Commission 90

91 Southern Nevada Retail Market $2.00 Average Asking Price $1.95 $2.00 Actual Lease Rates $1.80 $1.84 $1.80 $1.60 $1.72 $1.68 $1.60 $1.64 $1.55 $1.40 $1.40 $0.52 PSF $1.20 $1.20 $1.18 $1.16 $1.00 Q Q Q Q $1.00 Q Q Q Q Source(s): Applied Analysis; compilation by InBusiness Las Vegas Financial Crisis Inquiry Commission 91

92 Billions $60 $50 Nevada Taxable Retail Spending Trailing 12 Month Totals $40 $30 $20 $10 $0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Taxation Financial Crisis Inquiry Commission 92

93 Billions $8 $6 $4 $2 $0 $2 $4 $6 $8 Nevada Taxable Retail Spending Annualized Growth $10 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Taxation Financial Crisis Inquiry Commission 93

94 Nevada Taxable Retail Spending Growth Rates for the Top 10 Categories (1) Food Services & Drinking Places (16.7%) (2) General Merch&ise Stores (9.4%) 4.6% 4.0% (3) Motor Vehicle & Parts Dealers (8.7%) 5.2% (4) Clothing/Accessories Stores (7.5%) 11.4% (5) Merch. Wholesalers, Durable Goods (6.8%) 0.0% (6) Accommodation (4.7%) (7) Building Material, etc. (4.4%) (8) Food & Beverage Stores (4.0%) (9) Rental & Leasing Services (3.7%) (10) Electronics & Appliance Stores (3.3%) 2.6% 0.2% 1.9% 4.6% 2.4% 10% 5% 0% 5% 10% 15% Note: Growth rates between June 2010 and June 2009 Source(s): Nevada Department of Taxation Financial Crisis Inquiry Commission 94

95 20 15 Change in Retail Using Employment (in thousands) Las Vegas Retail Market 2,000 1,500 (in thousands) Net Absorption , ,000 1,500 2,000 '03 '04 '05 '06 '07 '08 '09 '10 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation; Applied Analysis Financial Crisis Inquiry Commission 95

96 Southern Nevada Industrial Market Overview Q Q Inventory (SF) M M Vacancy 16.2% 12.2% Lease Rates $0.58 psf $0.71 psf Net Absorption (SF) 842, M Completed (SF) 0 189,000 Under Construction (SF) 150, ,000 Source(s): Applied Analysis Financial Crisis Inquiry Commission 96

97 Millions Southern Nevada Industrial Market Inventory and Vacancy Rates Inventory Vacancy Rate 18% 15% 95 12% 90 9% 85 6% 80 3% '06 '07 '08 '09 '10 Source(s): Applied Analysis 0% Financial Crisis Inquiry Commission 97

98 Millions Southern Nevada Industrial Market Vacant Inventory and Average Asking Rates Vacant Inventory Avg Asking Price '06 '07 '08 '09 '10 Source(s): Applied Analysis $1.00 $0.90 $0.80 $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 Financial Crisis Inquiry Commission 98

99 Southern Nevada Industrial Market $0.70 Average Asking Price $0.70 Actual Lease Rates $0.65 $0.68 $0.65 $0.60 $0.55 $0.63 $0.60 $0.58 $0.60 $0.55 $0.50 $0.50 $0.51 $0.53 $0.16 PSF $0.45 $0.45 $0.40 Q Q Q Q $0.41 $0.42 $0.40 Q Q Q Q Source(s): Applied Analysis; compilation by InBusiness Las Vegas Financial Crisis Inquiry Commission 99

100 Las Vegas Industrial Market Change in Industrial Using Employment (in thousands) 2,500 2,000 1,500 1, ,000 1,500 2,000 2,500 (in thousands) Net Absorption '03 '04 '05 '06 '07 '08 '09 '10 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation; Applied Analysis Financial Crisis Inquiry Commission 100

101 7 6 Effective Inventory in Years Quarterly Series Office Industrial Retail Source(s): Applied Analysis Financial Crisis Inquiry Commission 101

102 Southern Nevada Vacant Land Market Overview Preliminary Draft Subject to Change Q Q Number of Acres Sold Total Value Transacted $139.9 M $101.0 M Price Per Acre $187,800 $255,300 Price Per Square Foot $4.31 $5.86 Net Appreciation Over Prior Quarter 2.9% 6.2% Net Appreciation Over Prior Year 26.5% 93.8% Source(s): Applied Analysis Financial Crisis Inquiry Commission 102

103 1,800 1,600 1,400 1,200 1, Southern Nevada Vacant Land Market Acres Sold Preliminary Draft Subject to Change '06 '07 '08 '09 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission 103

104 Millions $1,400 $1,200 $1,000 $800 $600 $400 $200 Southern Nevada Vacant Land Market Total Value Transacted Preliminary Draft Subject to Change $ '06 '07 '08 '09 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission 104

105 Thousands $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 Southern Nevada Vacant Land Market Price Per Acre (Non Resort) Preliminary Draft Subject to Change '06 '07 '08 '09 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission 105

106 60% 40% 20% 0% 20% 40% 60% Southern Nevada Vacant Land Market Price Per Acre Y O Y Appreciation (Non Resort) Preliminary Draft Subject to Change 80% '06 '07 '08 '09 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission 106

107 Northern Nevada Commercial Market Financial Crisis Inquiry Commission 107

108 Reno Office Market Overview Q Q Inventory (No. of Buildings) Inventory (SF) 6.8 M 6.7 M Vacancy 21.6% 21.2% Lease Rates $1.51 psf $1.58 psf Net Absorption (SF) 22,200 95,300 Completed (SF) 17,000 Under Construction (SF) 10,000 Source(s): Colliers International Financial Crisis Inquiry Commission 108

109 Millions Inventory (SF) Vacancy Rate (%) Reno Office Market Inventory and Vacancy Rates '06 '07 '08 '09 '10 Source(s): Colliers International 25% 20% 15% 10% 5% 0% Financial Crisis Inquiry Commission 109

110 Reno Industrial Market Overview Q Q Inventory (No. of Buildings) 1,191 1,151 Inventory (SF) 73.6 M 71.3 M Vacancy 15.6% 14.5% Lease Rates $0.38 $0.33 Net Absorption (SF) 190, M Completed (SF) 0 32,000 Under Construction (SF) 0 0 Source(s): Colliers International Financial Crisis Inquiry Commission 110

111 Millions Inventory (SF) Vacancy Rate (%) Reno Industrial Market Inventory and Vacancy Rates '06 '07 '08 '09 '10 Source(s): Colliers International 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Financial Crisis Inquiry Commission 111

112 Reno Retail Market Overview Q Q Inventory (No. of Buildings) Inventory (SF) 15.4 M 14.8 M Vacancy 15.4% 14.1% Lease Rates $1.79 $1.85 Net Absorption (SF) 60, ,100 Completed (SF) 275,100 Under Construction (SF) 225, ,500 Source(s): Colliers International Financial Crisis Inquiry Commission 112

113 Millions Inventory (SF) Vacancy Rate (%) Reno Retail Market Inventory and Vacancy Rates Source(s): Colliers International 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Financial Crisis Inquiry Commission 113