KEY ECONOMIC TRENDS REPORTED DURING WEEK OF JUNE 4, 2012.

  • BANK DEFAULTS DOWN. The default rate across commercial and multifamily loans held by banks fell to 3.45 percent in the first quarter, the lowest since 2009, reported Chandan Economics, New York.
  • LAS VEGAS COMING SLOWLY COMING BACK UP. Statistics seem to indicate that the local Las Vegas economy is slowly starting to improve. According to a report by Moody’s Investors Service published in March of 2012, but just reaching the media, there are positive trends for the city of Las Vegas:
    • 38.9 million visitors in 2011, representing a 4.3% increase over 2010
    • $6.068 billion in gaming revenues on the strip in 2011: a healthy 5.1% increase over 2010
    • 2011 slot machine revenue increased by 3.5% over 2010
    • Hotel occupancy increased by 3.4% in 2011, the first increase since 2007
    • Daily room rates in 2011 increased
  • CMBS DEFAULTS COULD GO BACK UP. Fitch reported that 33% of AAA CMBS would suffer under a severe recession if there is a further deterioration of the real estate market.
  • SENIOR PROM SIGN-UPS REALLY BACK UP. A local newspaper reports, that Senior Prom at a Canyon Crest Academy, a public school in North San Diego County, has 500 students sign up for 300 spaces, as part of a last minute surge in students wanting to attend. Significance? Either family incomes up or one last dance for the Gipper.

 

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GERSON LAW FIRM APC represents clients on all matters real estate and business related, both transactional and litigation. GERSON LAW FIRM APC is nationally recognized for its representation of some of the nation's largest lenders on loan closings, special servicing, and enforcement proceedings throughout the United States. GERSON LAW FIRM APC practice includes representing lenders closing loans under Fannie Mae's DUS Lending Program and Freddie Mac's Program Plus for multifamily investments. GERSON LAW FIRM APC represents major national banks, life insurance companies, and private funds in all matters lending related, including originations and loss mitigation strategies, for hotels, office buildings, shopping centers, multifamily and construction.