Nevada’s home foreclosure rate tops nation

Discussion: 9 comments so far…

1. By neiman1

   8/14/08 at 2:54 p.m.

   Suggest removal

   It will not get better with travelers staying out of Nevada. They put their money in gas pumps and not traveling here. 20% of all flights here are permanently cancelled and more to be cut soon. We cannot exist without cheaper energy and Sen. Reid continues to block nuclear, drilling, oil shale, and coal. Does he work for Russia, they want to sell us energy. Use American resources for American jobs and save this country from one big foreclosure to the oil nations that recieve 700 billion dollars a year. Contact harry and tell him to cut Pelosi's puppet strings on his spine and save Nevada. Let the Russians and the Chinese "save the planet", we just want to live

   email link
   http://reid.senate.gov/contact/index.cfm...

   Las Vegas
   Lloyd D. George Building
   333 Las Vegas Boulevard South, Suite 8016
   Las Vegas, NV 89101
   Phone: 702-388-5020 / Fax: 702-388-5030

2. By harske

   8/15/08 at 7:20 a.m.

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   neiman1... While I agree that energy costs are the highest they've been in a long, long time and a consideration for just about everyone looking to get away for a weekend... I wish you wouldn't use every economic based story to push your drilling agenda. Yes, that would help, but not for quite some time, and not to the extent that you think it will.

   Two things have conspired to help make the situation in Las Vegas what it is. 1) The economic model that the large resort corporations have adopted is fundamentally flawed, and 2) the credit and housing boom that the nation experienced the last half dozen years or so was flawed as well.

   Because of the hotel-casino's current principle of extracting more money from a smaller market of people and turning their back on the larger, more value driven segment of the population, Vegas is now drawing fewer people and charging the ones that do come here quite a bit more, and just in time to open up 20,000 more hotel rooms to boot. With fewer visitors to a leisure-based destination, there are fewer service jobs. Fewer jobs means residents leave town. Residents leaving town means a housing surplus, which makes prices go down. Pretty simple economics.

   Gas prices aren't the only evil in this world. Maybe you could also write Reid a letter and ask him to get the collective resort management in this town to bring their prices down to be more reasonable with what most people can pay and afford, and I'll bet you a gallon of gas that that helps the situation just as much as increased drilling.

3. By VegasRepos

   8/15/08 at 9:34 a.m.

   Suggest removal

   While energy costs keeping tourists away certainly is 1 issue concerning jobs and therefore the housing market right now, they say that the cure for high prices are high prices. It's the high prices that have reduced demand and are partially behind the current lower oil and gas prices of the past week. Just keep in mind that most everything is cyclical.

   The same goes for real estate. The cause of home sales in Vegas being up for the past 7 consecutive months are the extremely low prices. With some homes selling for around $70 per square foot ( well below replacement cost ) it's a matter of time before prices will rebound and ease the foreclosure crisis just as is happening with gas now. If you look long term ( 2-5 years ) anything bought today will seem like a bargain.

   http://www.VegasRepos.com

4. By jfnance32

   8/15/08 at 11:56 a.m.

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   High gas prices have driven away customers or reduced the amount they spend in Las Vegas.

   Airlines have cut tons of flights into Las Vegas.

   You have to be Democrat to think that high gas prices are not destorying jobs in Las Vegas.

5. By harske

   8/15/08 at 2:44 p.m.

   Suggest removal

   If you're referring to me jfnance32.... I have no affiliation. I grew frustrated with both parties long ago, now I go with who makes the most sense for the real issues, whether they be an elephant or a donkey.

   Judging by your response, I guess you have to be a Republican to think that high gas prices are the main problem with this country.

6. By lceres

   8/15/08 at 5:12 p.m.

   Suggest removal

   Could someone explain something to me?

   People qualified for loans at sub-prime rates. These loans were adjustable, but sales people and financial institutions told them that before the "real" rates kicked in, they could refinance. Low and behold, their properties dropped in value, so they couldn't refinance, and now can't afford the interest at the "real" rate.

   So why don't those financial institutions just give these homeowners a break for a few more years and let them pay at the lower rate until the market turns around? At least someone would be living in the properties, sending them money, and they wouldn't have vacant properties bringing down the value of their other homes in the area?

   It just seems that it's stupid to insist these people pay sometimes double or triple what they qualified for, knowing that they are going to have to foreclose and be stuck with another vacant property the financial institution can't get rid of for what they loaned on it in the first place!

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