Is Las Vegas Going Under?
Posted by admin in Condos Saturday, 16 April 2011 17:47 25 Comments
Source: (Excerpt Below) www.huffingtonpost.com It’s hard to find a home bought before 2009 that isn’t underwater and very few landlords, when running credit checks, look for foreclosures or short-sales on a tenant’s record. Otherwise, a manager couldn’t fill a building. Nevada has a greater concentration of economic misery than any other state. The state’s unemployment rate, which in June edged up to 14.2 percent, has risen faster during the past year than it has anywhere else, and nearly six percent of all homes across the state’s desert landscape received a foreclosure filing in the first six months of the year. While the concentration of misery may be greater in Nevada, it was caused by the same unchecked housing bubble and unregulated financial gambling that brought pain to the rest of the country. If present trends go unchecked, Nevada is America’s future. The jobless rate would likely be much higher, say residents, if Nevada were not such a transient state. When folks lose their jobs and their homes, they often pack up and move in with relatives…”Nevada was pretty much a growth economy for most of the past two decades,” says Steven Horsford, the Nevada State Senate’s Minority Leader, a Democrat who represents North Las Vegas. “When the financial crisis hit, it disproportionately affected Las Vegas because of our growth rate.” Horsford says the local economy is struggling not because fewer tourists are coming to Vegas, but because the people who do come are …
@PolarBearBtm well lah dee dah
@wildcard21276969 – Yeah…when you catch a DISEASE in Thailand, let me know how that works out for you.
boring
a month ago i went to vegas and the last time i went there there was alot of light and a month ago i went and it wasint that much light and i dont know why
LV is toast!
WE goto Thailand now.. Its 1000X Better and CHEAPER then Las Vegas! Vegas whores are LAME and OVERPRICED!
@MiracleMile90 First off, I’m not uneducated, so don’t bother playing the “ignorant bigot” card with me. I’ve lived in all-black and all-Latino neighborhoods, and it’s precisely those experiences that convinced me that the various groups of humanity that reside in the U.S. are simply not compatible with one another. Combine that with a corrupt and incompetent govt. and revolution seems like a pretty reasonable option. The alternative is a more 3rd-World America, which doesn’t appeal to me.
@slcmetalhead1: Nice try shill, but we don’t serve white supremacist goons. Go build your ‘nation’ in South Georgia or Greenland or some place like that and leave the rest of humanity alone.
@saludahead: You hit the nail right on the head………..f*** the hard right. F*** them all.
thumbs up if you just used this video to play snake
The only ones not hurting money wise are the Casino Executives.
@woodyfly Funny Woody!!! well i LOST 1000 BUCKS TOTAL IN 3 TRIPS TO VEGAS..SO I GUESS I HELPED OUT THE RICH CASINO OWNERS..
@saintveil so true!!!
Lost Vegass,NV
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The place epitomizes how leverage works in the opposite direction.
@dominatorishere really? I thought (D)Pelosi was speaker since 2006 and basically in charge of any budget expenditures,(D)Franks(D)Dodd & gang ran freddie and fannie,(D)Carter created the CRA (the vehicle that made bad loans mandatory) and (D)Clinton signed deregulation…sorry YOU are the idiot…maybe you should have paid attention instead of trying to sex your teacher, especially since you were home schooled.
@jedirifleman
Sorry that your an idiot that can’t remember history but the republicans were the reason for the national collapse.
@TheRanblingjohnny “Is Vegas in trouble because of the bad economy or because peoples are learning that burning your money in a casino is just plain idiotic!”
People in America learning! HAHAHAHA!
Realtors can get a job washing dishes in the casinos.
niggers
New Vegas any1?
@hanoitwin This is the result of Far Right Deregulation! EVERYBODY knows it except the Right Wing apologists, and the Brain Dead Tea Party! You wouldn’t know the truth if it ran up your ass, and built a fire!
@pincherudy Uh… wasn’t it all the bank deregulation and deregulation of all the stock market that caused all of this? Now you want to send in the Ultra Cons to cause even more problems? Face it! This is all the fault of the Gramm-Leach-Bliley Act, and The Commodity Futures Modernization Act of 2000! That’s right! The REPUBLICANS AND THE FAR RIGHT CAUSED THIS!!!! THIS IS THE RESULT OF DEREGULATION!!!!
I lived in Vegas during the boom and again during the bust. It was literally like being in two different cities. The boom times were OFF THE HOOK! Everyone was making money, everyone was getting rich, there was no such thing as a business going under…EVERYONE was swimming in it! Then the bust. Suddenly NO jobs, entire strip malls vacant, housing prices BOMBED (and rightfully so, they were ridiculous), and people started hitting the exits–getting outta dodge (myself included). RIP Vegas