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ReportonNevada’sHousingMarket
October2014
FundingprovidedbytheHousingDataandIndexProject,ajointinitiativeof:
ThisseriesofreportsonNevada’sHousingMarketisco‐presentedbytheLiedInstituteforRealEstateStudiesattheUniversityofNevada,LasVegasandtheStateofNevadaDepartmentofBusiness&Industry.ThesereportsprovidemonthlyupdatesonhousingmarkettrendsforstakeholdersthroughoutNevada.
Page| 1
Nevada’sHousingMarket |October2014
TableofContents
NevadaStatewideTrends…….................................... 2
NorthernTrends………………………………………….. 10
SouthernTrends………………………………………….. 14
RuralTrends…………………………………………........... 18
Page| 2
Nevada’sHousingMarket |October2014
NevadaStatewideTrends
Population:2,790,136 in2013 HousingUnits:1,186,879 in2013
Source:U.S.CensusBureau:StateandCountyQuickFacts
Page| 3
NevadaStatewideTrends
Nevada’sHousingMarket |October2014
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Single‐FamilyHomeSales* October2014 M2MChange Y2YChangeNew 568 +1.7% ‐28.9%Existing 4550 ‐3.2% ‐11.1%DistressShare 17.3% ‐0.6% ‐27.2%
ResidentialConstructionTotalStarts 1150 ‐12 +357Single‐Family 723 +15 ‐22Multifamily 427 ‐27 +389
AverageSingle‐FamilySalesPrice*New $321,343 ‐0.1% +10.9%Existing $213,556 ‐0.4% +6.6%Distress $162,866 +0.1% +4.1%
Source:LiedInstitutecalculationsusingCoreLogic DataandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
NevadasawlessthanaonepercentdecreaseindistresspropertysalesthismonthasbothshortsalesandREOsalesdecreasedmodestly.TheshareofhomeownersunderwaterinNevadaisnowat25percent– lessthanaonepercentdecreasefromonequarterago.
HomepricesinNevadasawalmostnochangethismonth.NorthernNevada’sincreaseinnewhomepricesweresimplyoffsetbySouthernNevada’sdecreaseinnewhomeprices.Likewise,SouthernNevada’sincreaseinexistinghomepriceswereoffsetbyadecreaseinNorthernNevada’sexistinghomeprices.
Totalresidentialconstructionstartsaresignificantlyhigherthantheywerethistimelastyear.ThisisduetolargeincreasesinmultifamilystartupsinSouthernNevada,assingle‐familystartupshavebeenrelativelysimilartothatoflastyearthroughoutallofNevada.
NevadaStatewideTrends
Page| 4
The Single‐Family Home Prices figure above shows the three‐month moving average price of existing homes and new homes.Existing homes are single family homes that were exchanged from one private owner to another. This includes homes sold byreal estate agents, owners, and lenders. New homes are single family homes that were exchanged from a builder to a privateowner. The other figure, Single‐Family Homes Sales, illustrates the number of those transactions for both existing and newhomes. A seasonal pattern is obvious in the Single‐Family Home Sales graph, with, more home sales during the summer thanduring the winter.
Nevada’sHousingMarket |October201410
020
030
040
0A
vera
ge P
rice
in T
hous
ands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
Existing New
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Home Prices
020
0040
0060
0080
0010
000
Mon
thly
Num
ber o
f Sal
es
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
Existing New
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Home Sales
NevadaStatewideTrends
Page| 5
The Housing Affordability figure shows the proportion of home sales that could have been bought by borrowers earning atleast the local median income, with a conventional loan. This index was developed by the National Association of HomeBuilders (NAHB), to provide a benchmark of affordability. The other figure, Nevada Single‐Family Homes for Sale, shows thenumber of homes available for sale at the end of the month. These numbers include new listings that are awaiting a purchasingcontract, as well as homes that are under contract and about to sell.
Nevada’sHousingMarket |October201420
4060
8010
0P
ropo
rtion
of A
fford
able
Hom
e S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Date (1 Quarter 2000 - 3 Quarter 2014)
Las Vegas Reno Nation
Source: National Association of Home BuildersNote: Series denote the proportion of home sales affordable at median income.
Housing Affordability
Equilibrium
1020
3040
50W
asho
e Li
stin
gs in
Hun
dred
s
250
220
190
160
130
100
Cla
rk L
istin
gs in
Hun
dred
s
2007 2008 2009 2010 2011 2012 2013 2014Date (January 2007 - October 2014)
Clark Washoe
Source: Greater Las Vegas Association of Realtors and UNR's Center for Regional Studies
Nevada Single-Family Homes for Sale
NevadaStatewideTrends
Page| 6
Single‐Family Distress Sales is a figure that displays the monthly number of Real Estate Owned (REO) sales and short sales.REO sales are homes that have been repossessed by lenders through foreclosure and then sold in the market. Short sales, onthe other hand, are homes that were sold for an amount below the owner’s outstanding mortgage balance. Both numbers arethree‐month weighted moving averages. The other figure, Share of Distress Single‐Family Home Sales, tracks the proportion ofhome sales (including new home sales) that were REO sales or short sales. The long term decline in that share continues, evenas the number of such sales remains roughly level, indicating an increasing number of “normal” sales.
Nevada’sHousingMarket |October2014
020
4060
80S
hare
of D
istre
ss S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)Source: CoreLogic
Share of Distress Single-Family Home Sales
010
0020
0030
0040
00M
onth
ly N
umbe
r of S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
REO Sales Short Sales
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Distress Sales
NevadaStatewideTrends
Page| 7
The Foreclosure Trends figure includes two series: the 90+ Days Delinquent series and the Foreclosure Inventory series. The90+ Days Delinquent series consists of the number of homes that are secured by a loan in default for 90 days or more. Thisincludes homes that are in the process of being foreclosed. The Foreclosure Inventory series consists of homes that have begunthe foreclosure process or are in some stage of foreclosure. The other figure depicts what proportion of homes secured by amortgage have positive equity or negative equity. When a home has a market value at or above its outstanding mortgagebalance, it is consider to have positive equity. Otherwise, the house has negative equity.
Nevada’sHousingMarket |October20140
2040
6080
100
Cou
nt in
Tho
usan
ds
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
90+ Days Delinquent Foreclosure Inventory
Source: CoreLogic
Foreclosure Trends
100
9080
7060
5040
3020
100
Per
cent
2010 2011 2012 2013 2014
Source: CoreLogic
(Home Value - Mortgage Balance)Equity Measures as of Quarter 3, 2014
Positive Equity Negative Equity
NevadaStatewideTrends
Page| 8
These two figures are based on numbers gathered from County records by RealtyTrac. The first figure shows the monthlynumber of Notices of Default and Repossessions. The Notice of Default (NOD) is the initial stage of foreclosure that starts atleast 90 days after the homeowner’s mortgage default date. Not all homes that receive a NOD will necessarily be foreclosed.There exist other alternatives homeowners can invoke such as a loan modification, deed‐in‐lieu of foreclosure, and short sale.The other figure, Residential Home Auctions, shows the monthly number of homes that received a Notice of Trustee Sale andunderwent a public auction. It includes both the successful and unsuccessful auctions. Those that were unsuccessful revertback to the lender.
Nevada’sHousingMarket |October20140
2000
4000
6000
8000
1000
0M
onth
ly F
requ
ency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date (April 2005 - October 2014)
REO 3-Month Moving Average Actual REONOD 3-Month Moving Average Actual NOD
Source: RealtyTrac
Notices of Default and Repossessions
020
0040
0060
0080
00M
onth
ly F
requ
ency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date (April 2005 - October 2014)
Notice of Trustee Sales 3-Month Moving Average
Source: RealtyTrac
Residential Home Auctions
1.251.75.5.250Mortgage Foreclosure Starts as Percent of Stock
DelawareLouisiana
18. NevadaPennsylvania
TennesseeArkansasKentucky
MaineOhio
AlabamaIllinois
Rhode IslandIndianaGeorgia
ConnecticutNew York
MississippiFlorida
MarylandNew Jersey
Source: Mortgage Bankers Association's National Delinquency Survey
3rd Quarter 2014Top 20 States in Foreclosure Starts
121086420Percent of Loans in the Foreclosure Inventory
KentuckySouth Carolina
OklahomaIndianaOregon
Rhode IslandPennsylvania
OhioDelawareVermont
New Mexico9. Nevada
MarylandIllinoisHawaii
ConnecticutMaine
New YorkFlorida
New Jersey
Source: Mortgage Bankers Association's National Delinquency Survey
3rd Quarter 2014Top 20 States in Foreclosure Inventory
NevadaStatewideTrends
Page| 9
These figures rank Nevada nationally on the basis of data provided by The Mortgage Bankers Association’s NationalDelinquency Survey. The Top 20 States in Foreclosure Inventory uses the proportion of outstanding loans that are in theforeclosure inventory ‐ that is, the number of home loans reported to be in some stage of foreclosure divided by the totalnumber of home loans serviced. The Top 20 States in Foreclosure Starts is a ranking that uses mortgage foreclosure starts as apercent of stock. In other words, this is the number of initiated foreclosures divided by the total number of home loansserviced.
Nevada’sHousingMarket |October2014
Ranked8in2014Q2
Ranked15in2014Q2
Page| 10
Nevada’sHousingMarket |October2014
NorthernTrends
Population:614,491in2013 HousingUnits:267,161in2013
Source:U.S.CensusBureau:StateandCountyQuickFacts (CarsonCity,Churchill,Douglas,Lyon,Storey,andWashoeCounty)
Page| 11
NorthernTrends Theshareofhomessoldunderdistressdecreasedbyoverone
percentagepointthismonth.Thiswasduetoa40percentdecreaseinthenumberofREOsalesinNorthernNevadathismonth.ShortsalesactuallyincreasedbyonepercentfromlastmonthinNorthernNevada.
NorthernNevadatypicallyexperiencesadecreaseinresidentialconstructionstartsinthemonthofOctober.TotalresidentialconstructionstartsforNorthernNevadawerestillhigherthismonththantheywereformostothermonthsof2014.
NewhomepricessawanunusuallylargeincreasewhileexistinghomepricessawanunusuallylargedecreasethismonthinNorthernNevada.TheaveragepricegapbetweenanewhomeandanexistinghomeinNorthernNevadaisnowover$90,000.
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Nevada’sHousingMarket |October2014
Single‐FamilyHomeSales* October2014 M2MChange Y2YChange
New 109 ‐1.5% ‐1.5%Existing 1047 ‐2.4% ‐4.1%DistressShare 12.2% ‐8.6% ‐47.4%
ResidentialConstructionTotalStarts 221 ‐48 +128Single‐Family 165 +4 +74Multifamily 56 ‐52 +54
AverageSingle‐FamilySalesPrice*New $343,954 +3.1% +8.9%Existing $253,365 ‐2.2% +7.5%Distress $195,488 +0.7% +16.1%
Source:LiedInstitutecalculationsusingCoreLogic DataandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
Page| 12
NorthernTrends
Nevada’sHousingMarket |October2014
150
200
250
300
350
400
Ave
rage
Pric
e in
Tho
usan
ds
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
Existing New
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Home Prices
050
010
0015
0020
00M
onth
ly N
umbe
r of S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
Existing New
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Home Sales
020
4060
Sha
re o
f Dis
tress
Sal
es
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)Source: CoreLogic
Share of Distress Single-Family Home Sales
010
020
030
040
0M
onth
ly N
umbe
r of S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
REO Sales Short Sales
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Distress Sales
NorthernTrends
Page| 13
Nevada’sHousingMarket |October2014
05
1015
Cou
nt in
Tho
usan
ds
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
90+ Days Delinquent Foreclosure Inventory
Source: CoreLogic
Foreclosure Trends10
090
8070
6050
4030
2010
0P
erce
nt
2010 2011 2012 2013 2014
Source: CoreLogic
(Home Value - Mortgage Balance)Equity Measures as of Quarter 3, 2014
Positive Equity Negative Equity
050
010
0015
00M
onth
ly F
requ
ency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date (April 2005 - October 2014)
REO 3-Month Moving Average Actual REONOD 3-Month Moving Average Actual NOD
Source: RealtyTrac
Notices of Default and Repossessions
020
040
060
080
010
00M
onth
ly F
requ
ency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date (April 2005 - October 2014)
Notice of Trustee Sales 3-Month Moving Average
Source: RealtyTrac
Residential Home Auctions
Page| 14
Nevada’sHousingMarket |October2014
SouthernTrends
Population:2,027,868 in2013 HousingUnits:854,089 in2013
Source:U.S.CensusBureau:StateandCountyQuickFacts (ClarkCounty)
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Page| 15
SouthernTrends
Nevada’sHousingMarket |October2014
Single‐FamilyHomeSales* October2014 M2MChange Y2YChangeNew 449 +2.4% ‐31.3%Existing 3324 ‐3.7% ‐12.5%DistressShare 18.8% +1.2% ‐23.1%
ResidentialConstructionTotalStarts 879 +32 +228Single‐Family 532 ‐5 ‐85Multifamily 347 +37 +313
AverageSingle‐FamilySalesPrice*New $317,819 ‐0.8% +10.4%Existing $204,995 +0.2% +5.6%Distress $158,191 +0.1% +1.8%
Source:LiedInstitutecalculationsusingCoreLogic DataandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
TheshareofhomessoldunderdistressincreasedslightlythismonthinSouthernNevada.However,thetotalnumberofdistressedpropertysalesdecreasedjustasthetotalnumberofhomessolddecreasedthismonth.Notably,thetotalnumberofREOsalesinSouthernNevadadecreased8percentfromlastmonth.
MultifamilyconstructionisnowconsistentlymakingupalargeshareoftotalresidentialconstructionstartsinSouthernNevada.Octobermarksthefourthconsecutivemonthofover300multifamilyresidentialconstructionstartsinSouthernNevada.
NewhomepricessawasmalldecreasewhileexistinghomepricessawasmallincreasethismonthinSouthernNevada.TheaveragepricegapbetweenanewhomeandanexistinghomeinSouthernNevadaisstillover$110,000.
SouthernTrends
Page| 16
Nevada’sHousingMarket |October2014
100
200
300
400
Ave
rage
Pric
e in
Tho
usan
ds
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
Existing New
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Home Prices
020
0040
0060
0080
00M
onth
ly N
umbe
r of S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
Existing New
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Home Sales
020
4060
80S
hare
of D
istre
ss S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)Source: CoreLogic
Share of Distress Single-Family Home Sales
010
0020
0030
0040
00M
onth
ly N
umbe
r of S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
REO Sales Short Sales
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Distress Sales
Page| 17
SouthernTrends
Nevada’sHousingMarket |October2014
020
4060
80C
ount
in T
hous
ands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
90+ Days Delinquent Foreclosure Inventory
Source: CoreLogic
Foreclosure Trends10
090
8070
6050
4030
2010
0P
erce
nt
2010 2011 2012 2013 2014
Source: CoreLogic
(Home Value - Mortgage Balance)Equity Measures as of Quarter 3, 2014
Positive Equity Negative Equity
020
0040
0060
0080
0010
000
Mon
thly
Fre
quen
cy
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date (April 2005 - October 2014)
REO 3-Month Moving Average Actual REONOD 3-Month Moving Average Actual NOD
Source: RealtyTrac
Notices of Default and Repossessions
020
0040
0060
0080
00M
onth
ly F
requ
ency
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date (April 2005 - October 2014)
Notice of Trustee Sales 3-Month Moving Average
Source: RealtyTrac
Residential Home Auctions
Page| 18
Nevada’sHousingMarket |October2014
RuralTrends
Population:147,777 in2013 HousingUnits:65,629in2012
Source:U.S.CensusBureau:StateandCountyQuickFacts (Elko,Esmeralda,Eureka,Humboldt,Lander,Lincoln,Mineral,Nye,Pershing,andWhitePineCounty)
Page| 19
RuralTrends NewhomesaleswereunchangedthismonthinRuralNevadaand
remainconsiderablylowerthantheyhavebeenfortherestof2014.RuralNevadawastheonlyregioninNevadatoseeanincreaseinexistinghomesalesthismonth.
TheshareofhomessoldunderdistresscontinuestofluctuateeachmonthinRuralNevada.ThismonthRuralNevadasawadecreasesinbothREOsalesandshortsales.TherewereonlytwoshortsalesthattookplacethismonthinRuralNevada,thelowestamountof2014.
Existinghomepricesincreased8.8percentthismonthinRuralNevada,thiswasthelargestmonthlyincreaseinexistinghomepricesforRuralNevadasince2005.ExistinghomepricesinRuralNevadaarenowthehighesttheyhavebeensince2008.
Nye
Elko
Clark
Lincoln
Humboldt
Washoe
WhitePine
Lander
Pershing
Eureka
Churchill
Mineral
Lyon
Esmeralda
Douglas
Storey
CarsonCity
Nevada’sHousingMarket |October2014
Single‐FamilyHomeSales* October2014 M2MChange Y2YChangeNew 8 +0.0% ‐72.2%Existing 155 +4.5% ‐19.3%DistressShare 18.3% ‐16.9% +8.3%
ResidentialConstructionTotalStarts 50 +4 +1Single‐Family 26 +16 ‐21Multifamily 24 ‐12 +22
AverageSingle‐FamilySalesPrice*New $223,463 ‐1.4% ‐6.9%Existing $137,404 +8.8% +9.1%Distress $109,881 +5.8% +15.3%
Source:LiedInstitutecalculationsusingCoreLogic DataandtheStateoftheCitiesDataSystems byU.S.DepartmentofHousingandUrbanDevelopment.*FiguresportrayThree‐MonthMovingWeightedAverages
RuralTrends
Page| 20
Nevada’sHousingMarket |October2014
5010
015
020
025
030
0A
vera
ge P
rice
in T
hous
ands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
Existing New
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Home Prices
020
040
060
080
0M
onth
ly N
umbe
r of S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
Existing New
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Home Sales
010
2030
40S
hare
of D
istre
ss S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)Source: CoreLogic
Share of Distress Single-Family Home Sales
020
4060
80M
onth
ly N
umbe
r of S
ales
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
REO Sales Short Sales
Source: CoreLogicNote: Series are 3-month weighted moving averages.
Single-Family Distress Sales
Page| 21
RuralTrends
Nevada’sHousingMarket |October2014
0.5
11.
5C
ount
in T
hous
ands
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Date (January 2000 - October 2014)
90+ Days Delinquent Foreclosure Inventory
Source: CoreLogic
Foreclosure Trends10
090
8070
6050
4030
2010
0P
erce
nt
2010 2011 2012 2013 2014
Source: CoreLogic
(Home Value - Mortgage Balance)Equity Measures as of Quarter 3, 2014
Positive Equity Negative Equity
050
100
150
200
Mon
thly
Fre
quen
cy
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date (April 2005 - October 2014)
REO 3-Month Moving Average Actual REONOD 3-Month Moving Average Actual NOD
Source: RealtyTrac
Notices of Default and Repossessions
050
100
150
200
Mon
thly
Fre
quen
cy
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014Date (April 2005 - October 2014)
Notice of Trustee Sales 3-Month Moving Average
Source: RealtyTrac
Residential Home Auctions
Page| 22
About the Lied Institute
The Lied Institute was established in 1989 by the LeeBusiness School at the University of Nevada, Las Vegasto foster excellence in real estate education andresearch. Through partnerships with business andcommunity leaders, the Lied Institute strives toimprove the real estate business and effective publicpolicy practices in Southern Nevada. The instituteproduces relevant and timely real estate research,supports educational programs in real estateeconomics and finance for students and professionals,and provides community outreach and continuingeducation.
About the Department of Business & Industry
The Department of Business and Industry is a cabinetlevel agency in the Nevada State government. TheDepartment’s objective is to encourage and promotethe development and growth of business and to ensurethe legal operation of business in order to protectconsumers by maintaining a fair and competitiveregulatory environment. The Director’s office atBusiness and Industry manages a number of programsand initiatives to address the needs of smallbusinesses, homeowners and consumers includingsmall business advocacy, bond programs, access tocapital, housing retention programs, constituentservices and fraud prevention and education.
LiedInstituteforRealEstateStudies4505S.MarylandParkway,Box456025
LasVegas,NV89154‐6025
EdwardCoulsonDirector
(702)895‐[email protected]
BettyCampbellProgramCoordinator(702)895‐4492
PeterCountsGraduateAssistant
DepartmentofBusiness&Industry555E.WashingtonAve#4900
LasVegas,NV89101
BruceBreslowDirector
(775)684‐[email protected]
AshokMirchandaniDeputyDirector(702)486‐4492
©Copyright2013ReportonNevada’sHousingMarketReadersmayreproducethepublication’sitemsiftheycitethepublicationnameanddate,andnotethecopyrightofLiedInstituteforRealEstateStudies,UniversityofNevada,LasVegasandtheStateofNevadaDepartmentofBusiness&Industry
Nevada’sHousingMarket |October2014
