Friday, August 22, 2008
Las Vegas Mortgage Business. YUK!
Yea we know! Same old story. We still have to tell it like it is. If your a mortgage banker in Las Vegas, these days your having trouble making money. You can't even fund the casinos.
There are some interesting findings. In the second quarter of 2008, total conventional purchase mortgages in Las Vegas was roughly $550 million. During the same period of 2007 conventional purchase mortgages in Las Vegas exceeded $1.6 billion. Down a $billion year over year. Hey Donald its a billion with a 'B' !
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?
What happens in Vegas ....