Friday, December 02, 2011

Homebuilder understatement of the day

by Bill McBride on 12/02/2011 07:28:00 PM

From Steve Green at the Las Vegas Sun: Homebuilder pulling out of Las Vegas market

Arizona-based Meritage Homes Corp. announced it was winding down operations in Las Vegas and would exit the struggling market in early 2013.

“It’s a sad state of affairs there,” executive Brent Anderson said during an interview Friday.

He said home sales by Meritage had fallen to 79 last year from 653 in 2005.

“When the market crashed, it crashed hard,” he said.
I'm surprised to hear the Vegas market is so tough (sorry for sarcasm). Prices are only down 60.6% from the peak, and Nevada still leads the nation with 58% of all mortgaged properties underwater.

Here are the earlier employment posts:
November Employment Report: 120,000 Jobs, 8.6% Unemployment Rate
Employment Summary, Part Time Workers, and Unemployed over 26 Weeks
Seasonal Retail Hiring, Duration of Unemployment, Unemployment by Education and Diffusion Indexes
NEW Employment graph gallery (fast, no scripting)