Viva Las Vegas Apartment Rents

Apartment renters in Las Vegas are in the driver's seat. According to a report in the Review Journal, apartment rents are down 9.1% in the past year with the vacancy rate falling to 9.9% in June, the first reading of under 10% which means landlords are aggressively cutting deals. But it also means that bottom fishers in the foreclosure (and NPL) market might want to adjust their bids downward, taking into account the lower cash flow projections. Meanwhile, we hear rumors that GMAC/ResCap may be working on a global settlement with Fannie Mae regarding loan buybacks. In a few weeks JPMorgan Chase will release its buyback figures for 2Q — in a filing with the Securities and Exchange Commission. For some reason the number was not part of its earnings statement which came out last week…