Hello and welcome to Todd Miller TV some great economic news came out locally. The second quarter data and some August numbers I wanted to share those with you because they are really good leading indicators of what is going on here in Las Vegas so at the first were some economic numbers from the city.
It was the second quarter numbers so April, May, June and what they have said was that the grossed metropolitan product, what that means is that it is a total number of goods and services produced in Las Vegas just like the GDP is with nation.That number rouse a year over a year and it rouse from the first quarter so it was better and the great news about it was the third highest in the nation for the GDP growing. The other 2 are the gross metropolitan product growing and the other two were like Houston and somewhere else in Texas. So we were number three for growth which is great. It is a great sign. The other thing that was really good news that came out was that our unemployment rate dropped 1.5%. Now what it doesn’t mean is that if 100 people were unemployed now 98.5 are unemployed.What it means is if unemployment rate was 12% it has dropped all the way to 10.5 so you know it is improved by like 15% just in the quarter which is really super good news so those were like the economic numbers and what is going on the overall economy. Something else that is really good is that the foreclosure numbers for August. So a lot of you or just a misperception out there that their foreclosures that means it is bad because a foreclosure is a bad thing for summaries and because it just dumps these house on the market nobody wants but that is actually not the truth.What it does, it creates a buying opportunity and we are taking a house in default that is upside down and we are clearing out that dent. We are saving the homeowner from the debt typically and then we are putting it back into the market is an equity property. In August there were $1550 bank owned homes and then there were 700 that were bought at the trustee’s sale by third party is the highest number we have never had and it just goes to show that, that number because remember I told you on the last video on September we had the most sales that we had ever had in Las Vegas.And guess what? We have the most number of houses change in hands, we have the most number of foreclosures hitting the market and guess what prices are doing, they aren’t tanking, but why? Because all things are not equal meaning we have an improving economy, we have job creation, we have a ridiculous number of foreign investors that are coming into the market place. Those are all really good leading indicators. Of course you know I’m going to track these numbers every month. I’m going to see how things are going. It is just it is such good news after about 3 years of not good news we all of a sudden have this great news.And so anyway I thought I would share that with you. Keep in mind if you want to follow me, follow the blog, the best way to do that is on Twitter at Las Vegas Todd you can just go on Twitter and follow me in every time I put a post to the show up on there. That is my opinion for today and I hope to see you on another video. Thanks.