Recently, FHA purchase mortgages have been increasing more than a little bit in Las Vegas. The April to June quarter of 2007 had roughly $38 million of FHA purchase originations in Las Vegas. For the April through June period of 2008, FHA purchase money originations zoomed upward to roughly $358 million. The FHA volume was ten times greater in the second quater of 2008 as compared with the same period in 2007.
So what do you think is happening in Las Vegas? Perhaps MGM's City Center and Donald Trumps' International Hotel and Towers have employed non profit down payment assistance grants with FHA mortgages to help their customers purchase housing units?