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Preliminary Draft | Subject to Change Financial Crisis Inquiry Commission Hearing September 8, 2010 Las Vegas, NV Appendices Charts & Tables Financial Crisis Inquiry Commission | 1 Preliminary Draft | Subject to Change Selected National Comparisons Financial Crisis Inquiry Commission | 2 Preliminary Draft | Subject to Change Resident Population Millions 2009 Estimates 40 35 30 25 20 15 10 5 0 Source(s): United States Census Bureau Financial Crisis Inquiry Commission | 3 Preliminary Draft | Subject to Change Resident Population Growth Rate 2000 ‐ 2009 35% 30% 25% 20% 15% 10% United States = 9.1% 5% 0% Source(s): United States Census Bureau Financial Crisis Inquiry Commission | 4 Preliminary Draft | Subject to Change Statewide Employment Growth Rate Over the Same Month Prior Year 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 0.5% United States 0.01% 1.0% 1.5% 2.0% 2.5% Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission | 5 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change Unemployment Rates Seasonally Adjusted | As of Jul‐10 16.0% 14.0% 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 Preliminary Draft | Subject to Change Average Weekly Hours Worked Private Sector | As of Jul‐10 40 39 38 37 36 35 34 United States = 34.2 Hours 33 32 31 30 Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission | 8 Preliminary Draft | Subject to Change Average Weekly Hours Cut/Added Since the Recessionary Period Began 3.0 2.0 1.0 0.0 1.0 United States = 0.8 Hours 2.0 3.0 Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission | 9 Preliminary Draft | Subject to Change Average Weekly Earnings Private Sector | As of Jul‐10 $1,400 $1,200 $1,000 $800 United States = $766.08 $600 $400 $200 $0 Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission | 10 Preliminary Draft | Subject to Change Change in Average Weekly Earnings Since the Recessionary Period Began 25% 20% 15% 10% 5% United States = +2.4% 0% 5% 10% 15% Source(s): United States Bureau of Labor Statistics Financial Crisis Inquiry Commission | 11 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change Housing Price Appreciation 5‐Year Compounded Annual Growth Rate 6% 4% 2% 0% 2% United States = 0.9% 4% 6% 8% 10% 12% 14% Source(s): Federal Housing Finance Agency Financial Crisis Inquiry Commission | 13 Preliminary Draft | Subject to Change New Foreclosures As a % of Total Housing Units | Since the Recession Began 7% 6% 5% 4% 3% 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 Preliminary Draft | Subject to Change Negative Equity Mortgages As a % of Total Mortgages Outstanding | As of Q2 2010 80% 70% 60% 50% 40% 30% United States = 23.0% 20% 10% Not Reported 0% Source(s): CoreLogic Financial Crisis Inquiry Commission | 15 Preliminary Draft | Subject to Change LoantoValue Ratio Of Mortgages Outstanding | As of Q2 2010 140% 120% 100% 80% United States = 69.8% 60% 40% 20% Not Reported 0% Source(s): CoreLogic Financial Crisis Inquiry Commission | 16 Preliminary Draft | Subject to Change United States Foreclosure Rankings By State | Q1 + Q2 2010 Total Properties with Foreclosure Filings % of Housing Units 1 in Every X % Change vs. Housing Last Year Units Rank State 1 Nevada 64,429 5.7 17 13.2% 2 Arizona 91,484 3.4 30 ‐1.7% 3 Florida 277,073 3.2 32 ‐8.6% 4 California 340,740 2.5 39 ‐15.3% 5 Utah 18,058 1.9 52 2.0% 6 Georgia 71,949 1.8 56 11.1% 7 Michigan 78,509 1.7 58 8.0% 8 Idaho 10,799 1.7 59 ‐9.5% 9 Illinois 85,223 1.6 62 ‐0.9% 10 Colorado 30,177 1.4 71 ‐9.1% Source(s): RealtyTrac® Financial Crisis Inquiry Commission | 17 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change Population Financial Crisis Inquiry Commission | 19 Nevada Population Annual Series 3.0 2.5 2.0 1.5 1.0 0.5 '09 '08 '07 '06 '05 '04 '03 '02 '01 '00 '99 '98 '97 '96 '95 '94 '93 '92 '91 '90 '89 '88 '87 0.0 '86 Millions Preliminary Draft | Subject to Change Source(s): Nevada State Demographer’s Office Financial Crisis Inquiry Commission | 20 Preliminary Draft | Subject to Change Clark County Drivers License Surrenders Trailing 12‐Month Series 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Motor Vehicles Financial Crisis Inquiry Commission | 21 Preliminary Draft | Subject to Change Clark County Electric Meter Hookups Monthly Series 750,000 700,000 650,000 600,000 550,000 500,000 450,000 400,000 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): NV Energy Financial Crisis Inquiry Commission | 22 Preliminary Draft | Subject to Change Employment Financial Crisis Inquiry Commission | 23 Preliminary Draft | Subject to Change Nevada Employment Monthly Series 1,350,000 1,250,000 Peak to Present = 195,500 1,150,000 1,050,000 950,000 850,000 750,000 650,000 '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 Preliminary Draft | Subject to Change 80,000 Nevada Employment Growth Year‐Over‐Year Growth 60,000 40,000 20,000 0 20,000 40,000 60,000 80,000 100,000 120,000 '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 Preliminary Draft | Subject to Change Nevada Employment Growth By Sector (Past 12 Months) Total Job Losses = Professional & Business Services 3,300 25,100 Education & Health Services 1,500 Other Services 1,000 Natural Resources & Mining 300 Manufacturing 900 Information 1,100 Government 1,700 Trade, Transportation & Utilities 2,000 Financial Activities 2,100 Leisure & Hospitality 5,200 Construction 18,200 30,000 20,000 10,000 0 10,000 Source(s): Nevada Department of Employment, Training and Rehabilitation Financial Crisis Inquiry Commission | 26 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change United States Job Growth 2007 NV #27 +1.0% Source(s): Maps by Applied Analysis; based on data from the United States Bureau of Labor Statistics Financial Crisis Inquiry Commission | 28 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change Unemployment Rate 15% 14% Nevada Unemployment Rate 14.4% US Unemployment Rate 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 Preliminary Draft | Subject to Change Construction Employment Monthly Series 160,000 140,000 Peak to Present = 102,100 120,000 100,000 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 Preliminary Draft | Subject to Change Casino Hotel & Gaming Employment Monthly Series 230,000 220,000 Peak to Present = 37,100 210,000 200,000 190,000 180,000 170,000 160,000 '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 Preliminary Draft | Subject to Change Tourism Financial Crisis Inquiry Commission | 35 Nevada Visitor Volume Annual Series 60 49.5 M 49.5 M '09 '10(p) 54.6 M '07 51.6 M 54.6 M 49.3 M '03 '06 48.9 M '02 51.8 M 48.4 M 42.0 M '98 '01 42.1 M 41.5 M '97 35 39.3 M 40 40.5 M 45 49.6 M 47.3 M 50 51.1 M 55 (P) – Preliminary; For the trailing 12months ending March 2010 '08 '05 '04 '00 '99 '96 '95 30 '94 Millions Preliminary Draft | Subject to Change Source(s): Nevada Commission on Tourism Financial Crisis Inquiry Commission | 36 Preliminary Draft | Subject to Change Average Daily Room Rates $117.12 $110.78 $94.01 $82.00 $80.25 $77.54 $69.73 $64.01 $62.39 $57.47 $52.71 $50.08 $48.78 $49.35 $40 $50.42 $60 $60.42 $80 $83.73 $100 $99.60 $120 $102.46 $140 $119.46 Annual Series $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 Preliminary Draft | Subject to Change Nevada Hotel Room Inventory Annual Series 200,000 195,000 194,424 193,782 190,000 185,000 185,826 180,000 179,460 179,679 '04 '05 178,638 178,656 '06 '07 175,000 170,000 (P) – Preliminary; as of March 2010 '08 '09 '10(p) Source(s): Nevada Commission on Tourism Financial Crisis Inquiry Commission | 38 Preliminary Draft | Subject to Change Hotel/Motel Room Occupancy Rates Annual Series 86% 84% 85.2% 84.3% 84.3% 82% 80% 80.5% 78% 76% 76.1% 75.6% 74% 72% 70% '05 '06 '07 '08 (P) – Preliminary; for the trailing 12months ending March 2010 '09 '10(p) Source(s): Nevada Commission on Tourism Financial Crisis Inquiry Commission | 39 Nevada Gross Gaming Revenues $10.3 B '10(p) $11.6 B $11.6 B $10.4 B $9.6 B '03 '09 $9.4 B '02 $12.8 B $9.5 B '01 '07 $9.6 B $9.0 B '00 $7.4 B '96 $7.8 B $7.4 B '95 $7.0 B $6.2 B $5.6 B '91 $4 $5.5 B $6 $5.9 B $8 $8.1 B $10 $10.6 B $12 $12.6 B $14 '06 Annual Series '90 $2 (P) – Preliminary; For the trailing 12months ending June 2010 '08 '05 '04 '99 '98 '97 '94 '93 $0 '92 Billions Preliminary Draft | Subject to Change Source(s): Nevada Gaming Control Board Financial Crisis Inquiry Commission | 40 Nevada Nevada Slot Machine Coin‐in Table & Game Drop $29.8 B $28.5 B $31.6 B $31.1 B (P) – Preliminary; For the trailing 12months ending June 2010 '10(p) '09 '08 '07 '06 '05 '04 $20.8 B '03 $22.2 B $20.7 B '02 '10(p) '09 '08 '07 '06 '05 '04 $16 '03 $80 '01 $20 $18 '02 $23.7 B $22 '00 $108.3 B $24 $90 '01 $25.2 B $26 $111.9 B $100 $29.8 B $137.8 B $138.1 B $30 $28 $125.6 B $117.8 B $115.4 B $116.3 B $110 $118.3 B $120 $124.0 B $130 $133.0 B $140 $32 $28.9 B Billions $150 '00 Billions Preliminary Draft | Subject to Change Source(s): Nevada Gaming Control Board Financial Crisis Inquiry Commission | 41 Preliminary Draft | Subject to Change Intent to Travel Bi‐Monthly Series 60 55 50 45 40 35 30 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 Source(s): ConferenceBoard Board Source: TheThe Conference Financial Crisis Inquiry Commission | 42 Preliminary Draft | Subject to Change Total Revenue and Longterm Debt in Nevada’s Tourism Sector Total Revenue Total LongTerm Debt (Nevada Gaming Industry) $30 (Nevada Gaming Industry) $35 (in billions) (in billions) $30 $25 Growth: 66% Growth: 557% $25 $20 $20 $15 $15 $10 $10 $5 $0 $5 '97 '99 '01 '03 '05 '07 '09 '97 '99 '01 '03 '05 '07 '09 Source(s): Nevada Gaming Control Board Financial Crisis Inquiry Commission | 43 Preliminary Draft | Subject to Change Southern Nevada/ Statewide Social Indicators Financial Crisis Inquiry Commission | 44 Preliminary Draft | Subject to Change Notice of Breaches and Default Monthly Series 12,000 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 Preliminary Draft | Subject to Change Nevada Welfare Caseloads Monthly Series 40,000 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 Preliminary Draft | Subject to Change SNAP (Food Stamp) Participants Monthly Series 350,000 300,000 250,000 200,000 150,000 100,000 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 | 47 Preliminary Draft | Subject to Change Medicaid Eligible Recipients (Retroactive) Monthly Series 300,000 250,000 200,000 150,000 100,000 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 Preliminary Draft | Subject to Change 30,000 Nevada Checkup Enrollment Monthly Series 29,000 28,000 27,000 26,000 25,000 24,000 23,000 22,000 21,000 20,000 Source(s): Nevada Department of Health and Human Services – Division of Healthcare Financing and Policy Financial Crisis Inquiry Commission | 49 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change 5,000 Property Crime Incidents Monthly Series 4,800 4,600 4,400 4,200 4,000 3,800 3,600 3,400 3,200 3,000 Source(s): Las Vegas Metro Police Department Financial Crisis Inquiry Commission | 51 Preliminary Draft | Subject to Change Juvenile Referrals Monthly Series 3,000 2,500 2,000 1,500 1,000 500 0 '04 '05 '06 '07 '08 '09 '10 Source(s): Clark County Financial Crisis Inquiry Commission | 52 Preliminary Draft | Subject to Change 60% Students Receiving Free & Reduced Lunch Assistance 50% 40% 30% 20% 10% 0% Source(s): Clark County School District Financial Crisis Inquiry Commission | 53 Preliminary Draft | Subject to Change Homeless Children Enrolled in the CCSD Monthly Series 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Source(s): Clark County School District Financial Crisis Inquiry Commission | 54 Preliminary Draft | Subject to Change Number of All CPS Investigation Calls Monthly Series 1,200 1,000 800 600 400 200 0 '05 '06 '07 '08 '09 Source(s): Clark County Family Services Department Financial Crisis Inquiry Commission | 55 Preliminary Draft | Subject to Change Social Service Clients Not Seen 16,000 Due to Lack of Capacity 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Source(s): Clark County Financial Crisis Inquiry Commission | 56 Preliminary Draft | Subject to Change Emergency Room Holds at UMC 1,600 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 Preliminary Draft | Subject to Change Southern Nevada Residential Market Financial Crisis Inquiry Commission | 58 Preliminary Draft | Subject to Change Southern Nevada Residential Market Q2 2010 Q2 2009 1,978 1,199 $193,300 $212,800 13,477 13,476 $123,900 $123,800 1,535 1,795 12,253 13,490 Foreclosures – New 8,163 7,671 Foreclosures – Active (end of quarter) 8,646 8,686 Demand Indicators New Home Sales New Home Sales Price Existing Home Sales Existing Home Sales Price Supply Indicators Residential Permits MLS Listings (end of quarter) Foreclosures Source(s): SalesTraq; Greater Las Vegas Association of REALTORS; Local Building Permitting Agencies; Foreclosure.com Financial Crisis Inquiry Commission | 59 Preliminary Draft | Subject to Change Clark County Housing Units Permitted Annual Series 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 (P) – Preliminary; For the trailing 12months ending June 2010 '10(p) '09 '08 '07 '06 '05 '04 '03 '02 '01 '00 '99 '98 '97 '96 '95 '94 '93 '92 '91 '90 0 Source(s): Local Building Permitting Agencies Financial Crisis Inquiry Commission | 60 Preliminary Draft | Subject to Change Clark County New Home Sales Trailing 12‐Month Totals 45,000 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 Preliminary Draft | Subject to Change Clark County New Home Sales Price Monthly Series $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): SalesTraq Financial Crisis Inquiry Commission | 62 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change Clark County New Home Sales Price PSF Monthly Series $350 $300 $250 $200 $150 $100 $50 $0 Source(s): SalesTraq Financial Crisis Inquiry Commission | 64 Preliminary Draft | Subject to Change Clark County Existing Home Sales Trailing 12‐Month Totals 60,000 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 Preliminary Draft | Subject to Change Clark County Existing Home Sales Price Monthly Series $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): SalesTraq Financial Crisis Inquiry Commission | 66 Preliminary Draft | Subject to Change 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 Preliminary Draft | Subject to Change Resale (MLS) Home Listings 16,000 Tenant Occupied Vacant Owner Occupied 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Jul09 Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 Mar10 Apr10 May10 Jun10 Jul10 Source(s): Greater Las Vegas Association of REALTORS Financial Crisis Inquiry Commission | 68 Preliminary Draft | Subject to Change 18,000 Pending Resale (MLS) Home Listings Contingent 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Jul09 Aug09 Sep09 Oct09 Nov09 Dec09 Jan10 Feb10 Mar10 Apr10 May10 Jun10 Jul10 Source(s): Greater Las Vegas Association of REALTORS Financial Crisis Inquiry Commission | 69 Preliminary Draft | Subject to Change Available and Contracted Homes 16,000 14,000 Other 4,056 12,000 10,000 Other 7,656 8,000 Short Sales 10,140 6,000 4,000 2,000 Short Sales 5,871 (43.3%) (71.4%) Available Contingent/ Pending 0 Source(s): Greater Las Vegas Association of REALTORS Financial Crisis Inquiry Commission | 70 Preliminary Draft | Subject to Change Clark County Active Foreclosures Monthly Series 12,000 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 Preliminary Draft | Subject to Change Housing Market Instability Foreclosure Rates (Q1+Q2 ‘10) United States: California: Arizona: Nevada: 1 in 78 1 in 39 1 in 30 1 in 17 Source: RealtyTrac® Financial Crisis Inquiry Commission | 72 Preliminary Draft | Subject to Change Apartment Market Average Monthly Rents $950 $900 $850 $800 $750 $700 $650 $600 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 73 Preliminary Draft | Subject to Change Apartment Market Occupancy Rate 97% 96% 95% 94% 93% 92% 91% 90% 89% 88% 87% 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 74 Preliminary Draft | Subject to Change Nevada Residential Market and Other Comparison Charts Financial Crisis Inquiry Commission | 75 Preliminary Draft | Subject to Change Subprime Loans as a % of Total 20% 15% 10% National Average = 10.3% 5% 0% ARMs as a % of Total 40% 30% 20% National Average = 15.4% 10% 0% Source: Mortgage Bankers Association, National Delinquency Survey Q4 2009 Financial Crisis Inquiry Commission | 76 Preliminary Draft | Subject to Change 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% National Average = 5.1% 4% 2% 0% Source: Mortgage Bankers Association, National Delinquency Survey Q4 2009 Financial Crisis Inquiry Commission | 77 Preliminary Draft | Subject to Change (in thousands) Median Sales Price of Existing Homes $500 $450 $400 $350 $300 State of Nevada ‘05 – ’06 Gains ‘07 – ’08 Gains Reno/Sparks: 0.8% Reno/Sparks: 19.4% Las Vegas: +4.2% Las Vegas: 25.9% ‘04 – ’05 Gains ‘06 – ’07 Gains Reno/Sparks: +23.1% Reno/Sparks: 7.4% Las Vegas: +14.4% ‘08 – ’09 Gains Las Vegas: 6.2% ‘03 – ’04 Gains Reno/Sparks: 25.2% Reno/Sparks: +38.8% Las Vegas: 35.2% Las Vegas: +48.7% ‘09 – ’10(p) Gains $250 Reno/Sparks: 7.0% Las Vegas: 0.4% $200 $150 $100 $50 $0 '03 '04 '05 (P) – Preliminary; for the second quarter of 2010. '06 '07 '08 '09 '10(p) Source(s): National Association of REALTORS® Financial Crisis Inquiry Commission | 78 Preliminary Draft | Subject to Change Housing Price Appreciation Four‐Quarter Growth Rates 40% Nevada 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 Preliminary Draft | Subject to Change Housing Price Depreciation Rankings By State | Q2 2010 Rank Region Yearoveryear 1 Idaho 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% ‐11.0% Source(s): Federal Housing Finance Agency Financial Crisis Inquiry Commission | 80 Preliminary Draft | Subject to Change Housing Price Depreciation Rankings By Metropolitan Area | Q2 2010 Rank Region 1 Bend, OR ‐18.6% 2 Ocala, FL ‐18.6% 3 Madera‐Chowchilla, CA ‐17.6% 4 Lakeland‐Winter Haven, FL ‐17.6% 5 RenoSparks, NV 17.3% 6 Orlando‐Kissimmee‐Sanford, FL ‐16.1% 7 ‐15.1% 9 Lake Havasu City‐Kingman, AZ Deltona‐Daytona Beach‐Ormond Beach, FL Port St. Lucie, FL ‐14.4% 10 Las VegasParadise, NV 13.9% 8 Yearoveryear ‐15.0% Source(s): Federal Housing Finance Agency Financial Crisis Inquiry Commission | 81 Preliminary Draft | Subject to Change Southern Nevada Commercial Market Financial Crisis Inquiry Commission | 82 Preliminary Draft | Subject to Change Southern Nevada Office Market Overview Q2 2010 Q2 2009 Inventory (SF) 49.7 M 49.2 M Vacancy 24.1% 21.8% Lease Rates $2.13 psf $2.32 psf Net Absorption (SF) 427,000 820,000 365,000 611,000 1.4 M Completed (SF) Under Construction (SF) Source(s): Applied Analysis Financial Crisis Inquiry Commission | 83 Preliminary Draft | Subject to Change Southern Nevada Office Market Millions Inventory and Vacancy Rates 60 Inventory 30% Vacancy Rate 50 25% 40 20% 30 15% 20 10% 10 5% 0 0% 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 84 Preliminary Draft | Subject to Change Southern Nevada Office Market Millions Vacant Inventory and Average Asking Rates 14 $2.40 Vacant Inventory Avg Asking Price 12 $2.35 10 $2.30 8 $2.25 6 $2.20 4 $2.15 2 $2.10 0 $2.05 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 85 Preliminary Draft | Subject to Change Southern Nevada Office Market $2.40 $2.20 Average Asking Price Actual Lease Rates $2.40 $2.27 $2.20 $2.23 $2.16 $2.13 $2.00 $2.00 $1.93 $1.80 $1.80 $1.60 $1.60 $1.40 $1.40 Q3 2009 Q4 2009 Q1 2010 Q2 2010 $1.20 $0.83 PSF $1.69 $1.49 $1.30 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Source(s): Applied Analysis; compilation by InBusiness Las Vegas Financial Crisis Inquiry Commission | 86 Preliminary Draft | Subject to Change Las Vegas Office Market Change in OfficeUsing Employment 30 Net Absorption 1,500 (in thousands) 20 1,000 10 500 0 0 10 500 20 1,000 30 1,500 '03 '04 '05 '06 '07 '08 '09 '10 (in thousands) '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation; Applied Analysis Financial Crisis Inquiry Commission | 87 Preliminary Draft | Subject to Change Southern Nevada Retail Market Overview Q2 2010 Q2 2009 Inventory (SF) 51.9 M 51.2 M Vacancy 10.4% 10.2% $1.68 psf $2.02 psf Net Absorption (SF) 166,000 293,000 Completed (SF) 139,000 0 Under Construction (SF) 569,000 1.3 M Lease Rates Source(s): Applied Analysis Financial Crisis Inquiry Commission | 88 Preliminary Draft | Subject to Change Southern Nevada Retail Market Millions Inventory and Vacancy Rates 60 Inventory 12% Vacancy Rate 50 10% 40 8% 30 6% 20 4% 10 2% 0 0% 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 89 Preliminary Draft | Subject to Change Southern Nevada Retail Market Millions Vacant Inventory and Average Asking Rates 6 $2.50 Vacant Inventory Avg Asking Price 5 $2.25 4 $2.00 3 $1.75 2 $1.50 1 $1.25 0 $1.00 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 90 Preliminary Draft | Subject to Change Southern Nevada Retail Market $2.00 Average Asking Price Actual Lease Rates $2.00 $1.95 $1.80 $1.84 $1.80 $1.72 $1.60 $1.68 $1.60 $1.64 $1.55 $1.40 $1.40 $1.20 $1.20 $0.52 PSF $1.18 $1.00 Q3 2009 Q4 2009 Q1 2010 Q2 2010 $1.16 $1.00 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Source(s): Applied Analysis; compilation by InBusiness Las Vegas Financial Crisis Inquiry Commission | 91 Preliminary Draft | Subject to Change Billions Nevada Taxable Retail Spending $60 Trailing 12‐Month Totals $50 $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 Preliminary Draft | Subject to Change Billions Nevada Taxable Retail Spending $8 Annualized Growth $6 $4 $2 $0 $2 $4 $6 $8 $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 Preliminary Draft | Subject to Change Nevada Taxable Retail Spending Growth Rates for the Top 10 Categories 4.6% (1) Food Services & Drinking Places (16.7%) 4.0% (2) General Merch&ise Stores (9.4%) (3) Motor Vehicle & Parts Dealers (8.7%) 5.2% 11.4% (4) Clothing/Accessories Stores (7.5%) 0.0% (5) Merch. Wholesalers, Durable Goods (6.8%) 2.6% (6) Accommodation (4.7%) 0.2% (7) Building Material, etc. (4.4%) 1.9% (8) Food & Beverage Stores (4.0%) (9) Rental & Leasing Services (3.7%) 4.6% (10) Electronics & Appliance Stores (3.3%) 10% Note: Growth rates between June 2010 and June 2009 2.4% 5% 0% 5% 10% 15% Source(s): Nevada Department of Taxation Financial Crisis Inquiry Commission | 94 Preliminary Draft | Subject to Change 20 Las Vegas Retail Market Change in Retail Using Employment (in thousands) Net Absorption 2,000 15 1,500 10 1,000 5 500 0 0 5 500 10 1,000 15 1,500 20 2,000 '03 '04 '05 '06 '07 '08 '09 '10 (in thousands) '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation; Applied Analysis Financial Crisis Inquiry Commission | 95 Preliminary Draft | Subject to Change Southern Nevada Industrial Market Overview Q2 2010 Q2 2009 103.4 M 102.6 M 16.2% 12.2% Lease Rates $0.58 psf $0.71 psf Net Absorption (SF) 842,000 1.3 M 0 189,000 150,000 816,000 Inventory (SF) Vacancy Completed (SF) Under Construction (SF) Source(s): Applied Analysis Financial Crisis Inquiry Commission | 96 Preliminary Draft | Subject to Change Southern Nevada Industrial Market Millions Inventory and Vacancy Rates 105 Inventory 18% Vacancy Rate 100 15% 95 12% 90 9% 85 6% 80 3% 75 0% 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 97 Preliminary Draft | Subject to Change Southern Nevada Industrial Market Millions Vacant Inventory and Average Asking Rates 20 Vacant Inventory 18 $1.00 Avg Asking Price $0.90 16 $0.80 14 $0.70 12 $0.60 10 $0.50 8 $0.40 6 $0.30 4 $0.20 2 $0.10 0 $0.00 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 98 Preliminary Draft | Subject to Change Southern Nevada Industrial Market $0.70 $0.65 $0.60 $0.55 Average Asking Price Actual Lease Rates $0.70 $0.68 $0.65 $0.63 $0.60 $0.60 $0.58 $0.55 $0.50 $0.50 $0.45 $0.45 $0.40 $0.40 Q3 2009 Q4 2009 Q1 2010 Q2 2010 $0.53 $0.16 PSF $0.51 $0.41 $0.42 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Source(s): Applied Analysis; compilation by InBusiness Las Vegas Financial Crisis Inquiry Commission | 99 Preliminary Draft | Subject to Change 50 Las Vegas Industrial Market Change in Industrial Using Employment (in thousands) Net Absorption 2,500 40 2,000 30 1,500 20 1,000 10 500 0 0 10 500 20 1,000 30 1,500 40 2,000 50 2,500 '03 '04 '05 '06 '07 '08 '09 '10 (in thousands) '03 '04 '05 '06 '07 '08 '09 '10 Source(s): Nevada Department of Employment, Training and Rehabilitation; Applied Analysis Financial Crisis Inquiry Commission | 100 Preliminary Draft | Subject to Change Effective Inventory in Years Quarterly Series 7 6.5 6 Office 5 4 Industrial 3.6 3 2.4 2 Retail 1 0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2003 2004 2005 2006 2007 2008 2009 2010 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 101 Preliminary Draft | Subject to Change Southern Nevada Vacant Land Market Overview Q2 2010 Q2 2009 744.9 395.4 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% 26.5% 93.8% Number of Acres Sold Net Appreciation Over Prior Year Source(s): Applied Analysis Financial Crisis Inquiry Commission | 102 Preliminary Draft | Subject to Change Southern Nevada Vacant Land Market Acres Sold 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 103 Preliminary Draft | Subject to Change Southern Nevada Vacant Land Market Millions Total Value Transacted $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 104 Preliminary Draft | Subject to Change Southern Nevada Vacant Land Market Thousands Price Per Acre (Non‐Resort) $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 105 Preliminary Draft | Subject to Change Southern Nevada Vacant Land Market Price Per Acre Y‐O‐Y Appreciation (Non‐Resort) 60% 40% 20% 0% 20% 40% 60% 80% 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Applied Analysis Financial Crisis Inquiry Commission | 106 Preliminary Draft | Subject to Change Northern Nevada Commercial Market Financial Crisis Inquiry Commission | 107 Preliminary Draft | Subject to Change Reno Office Market Overview Inventory (No. of Buildings) Inventory (SF) Vacancy Lease Rates Net Absorption (SF) Completed (SF) Under Construction (SF) Q1 2010 Q1 2009 211 203 6.8 M 6.7 M 21.6% 21.2% $1.51 psf $1.58 psf 22,200 95,300 17,000 10,000 Source(s): Colliers International Financial Crisis Inquiry Commission | 108 Preliminary Draft | Subject to Change Reno Office Market Millions Inventory and Vacancy Rates 7.0 Inventory (SF) 6.9 25% Vacancy Rate (%) 6.8 20% 6.7 6.6 15% 6.5 6.4 10% 6.3 6.2 5% 6.1 6.0 0% 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Colliers International Financial Crisis Inquiry Commission | 109 Preliminary Draft | Subject to Change Reno Industrial Market Overview Q1 2010 Q1 2009 1,191 1,151 Inventory (SF) 73.6 M 71.3 M Vacancy 15.6% 14.5% $0.38 $0.33 190,400 1.0 M Completed (SF) 0 32,000 Under Construction (SF) 0 0 Inventory (No. of Buildings) Lease Rates Net Absorption (SF) Source(s): Colliers International Financial Crisis Inquiry Commission | 110 Preliminary Draft | Subject to Change Reno Industrial Market Millions Inventory and Vacancy Rates 78 Inventory (SF) 76 18% Vacancy Rate (%) 16% 74 14% 72 12% 70 10% 68 8% 66 6% 64 62 4% 60 2% 58 0% 1 2 3 '06 4 1 2 3 '07 4 1 2 3 '08 4 1 2 3 '09 4 1 2 3 4 '10 Source(s): Colliers International Financial Crisis Inquiry Commission | 111 Preliminary Draft | Subject to Change Reno Retail Market Overview Q4 2009 Q4 2008 177 164 Inventory (SF) 15.4 M 14.8 M Vacancy 15.4% 14.1% $1.79 $1.85 60,400 180,100 275,100 225,000 381,500 Inventory (No. of Buildings) Lease Rates Net Absorption (SF) Completed (SF) Under Construction (SF) Source(s): Colliers International Financial Crisis Inquiry Commission | 112 Preliminary Draft | Subject to Change Reno Retail Market Millions Inventory and Vacancy Rates 16.0 Inventory (SF) 18% Vacancy Rate (%) 16% 15.5 14% 15.0 12% 10% 14.5 8% 14.0 6% 4% 13.5 2% 13.0 0% 1 2 3 2007 4 1 2 3 2008 4 1 2 3 4 2009 Source(s): Colliers International Financial Crisis Inquiry Commission | 113
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