Is Las Vegas Going Under?
August 23rd, 2010
Source: (Excerpt Below) http://www.huffingtonpost.com/2010/07/27/nevadas-economic-misery-m_n_661043.html
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 spending less money. (A cab driver complains that he doesn’t have many fewer customers, just more families haggling over the $60 fare.) Horsford said Vegas needs to switch from relying on casino tourism to green energy and medical tourism.
“We were used to being able to help virtually all segments of our population get a job if they wanted a job, have benefits, earn money to put their kids through college — we called it the Las Vegas dream,” he says. “From a leadership standpoint, knowing that two-thirds of all homes are either upside down or are in foreclosure is one of the most humbling realities we are dealing with.”
The decay in Vegas doesn’t stay there: It reverberates throughout the state. “Coming Soon” signs have been pulled down across the city, because nothing is coming soon other than more foreclosures. The Nevada landscape is pockmarked by empty condos and casinos, some of them fully built and sitting there empty, others are shells frozen in time. When analysts talk abstractly about Wall Street sucking capital out of the real economy, these stalled construction projects are the on-the-ground reality. “60% Reduced Prices” promises one empty condo development…
Duration : 0:5:14
Copyright © 2010 By Kristina Quevedo Video Productions, all rights reserved.
Copyright © 2010 By Kristina Quevedo Video Productions, all rights reserved.
Copyright © 2010 By Kristina Quevedo Video Productions, all rights reserved. MICHEAL & CAMIILLE (Seattle) @ THE 7th ANNUAL Las Vegas Salsa Congress, presented by the SIN CITY SALSEROS & ALBERT TORRES EVENTS.
Copyright © 2010 By Kristina Quevedo Video Productions, all rights reserved. THE 7th ANNUAL Las Vegas Salsa Congress, presented by the SIN CITY SALSEROS & ALBERT TORRES EVENTS. PLEASE Help me identify all the dancers in this video..thank you.
Copyright © 2010 By Kristina Quevedo Video Productions, all rights reserved. THE 7th ANNUAL Las Vegas Salsa Congress, presented by the SIN CITY SALSEROS & ALBERT TORRES EVENTS.
Vegas Live show Lana Reiss, interviews Todd Newton host of “The Price is Right Live” Show at the Jubille Theater, Ballys Hotel Casino, Las Vegas. Go to www.vegasliveshow.com for Las vegas Show tickets.
I stayed on the top floor at the Stardust with a great view of the strip the final two nights before it closed Nov 1, 2006 to say goodbye to one of my favorite Las Vegas Hotel/Casinos. This is a compilation of my time there. The old Las Vegas many of us prefer is quickly disappearing- I hope long time visitors of this city will enjoy this last look at one of the original resorts on the Strip.
They don’t call it Sin City for nothing, but there is definitely more to Las Vegas than the plethora of casinos and nightclubs that makeup the Las Vegas strip. The Gallery of Fine Arts at the Bellagio is the perfect place for art enthusiasts. Would you prefer to be doing something outdoors? Try sky diving and from 10,000 feet up. If gambling and partying are what you prefer, the Palms is always booming with celebrities and tourists alike who come to take advantage of the slot machines as well as the spa and restaurants. For something more dramatic but still lavish and modern, visit the Aladdin Resort and Casino with Planet Hollywood and oh so much more. Search on http://motel.com and http://Motelgroups.com to find the best lodging at the best rates for you and your family when you visit Las Vegas, Nevada.
LAS VEGAS, NEVADA, USA