[aqualung8705]

It sure is! Where else can a poor, black boy grow up to be a rich, white woman?

[MomMom]

Originally Posted by bradly

Ya but what you dont realise is Vegas is on the top 5 worse for forclosures in the country, and the economy is the worst of its kind.. so you obviosly havent been paying attention either

Geez, I keep looking for the horrible economy of Las Vegas

Had a houseguest (as usual) over the weekend and we did the Strip. It was CROWDED this weekend and the restaurants in the hotels were CROWDED, so both Friday and Saturday nights we decided to go to restaurants closer to home, rather than wait at the hotels. Friday night (45 minute wait to be seated at BJ's in Summerlin and Saturday night 50 minute wait to be seated at PF Changs in Summerlin

What "worst" economy you talking about?

[desertsun41]

Originally Posted by MomMom

Geez, I keep looking for the horrible economy of Las Vegas

Had a houseguest (as usual) over the weekend and we did the Strip. It was CROWDED this weekend and the restaurants in the hotels were CROWDED, so both Friday and Saturday nights we decided to go to restaurants closer to home, rather than wait at the hotels. Friday night (45 minute wait to be seated at BJ's in Summerlin and Saturday night 50 minute wait to be seated at PF Changs in Summerlin

What "worst" economy you talking about?

I have no answer for you here. I agree that restaurants are full, commerce roads are jamb packed, slot machines are all taken on weekends, buffet lines are a mile long and so on.

But you have to notice whats going on around you. There are a very very large number of businesses, some who been here for years going under. I see the food courts in the mall full but no one has a shopping bag under their arm. I was just in both Home Depot and Lowes on Sunday afternoon and both stores were nearly deserted. Maybe people are eating out but they are not improving their homes....thats for sure.

I also believe that no matter how bad things get, people will go out to eat. Its the American way. As bad off as we Americans could ever get, we will spend our last dollar going out to eat. Maybe we see it as our last freedom when we have no money left and dont want to give up that luxury of eating out.

Im not so sure we can use the crowds on the strip as a measure of the economic engine. Sure they are still coming but in less numbers and those who are coming are certianly spending less. After being raped by the hotel for room extortion fees people have little left to gamble with. Those numbers are clear.

I see what your saying but..... Maybe everyone out spending money does not depend on the construction industry for their family income. Whatever the answer, things are very very bad out there.

[MomMom]

Just out here DS? I heard on the news even Mrs. Fields Cookies are filing for bankruptcy!

Sure, some things are closing up here or being put on "hold". I don't know what you mean about people not shopping. I was at Meadows Mall last Thursday, there were plenty of people shopping there that day.

Still, I hear what you're trying to say...but dang, all those people driving on the roads in the morning..where are they going?

While the national economy is bad...and it's bad all over (would you like to hear some horror stories about NY?) it isn't any worse here.

[AA702]

I think the economy was very good and above average for a long time, and now it has sunk to below average and people are just not use to this anymore. I was at the Fremont Street and the Strip this weekend and it was PACKED! I had some family in town and they even said the airport was crazy. They were surprised to see so many people because everyone was talking about how bad the economy is. So currently, the sky is not falling, but if you look at it from a glass half full, it looks like it can only go up

[Golfinnova]

Originally Posted by bradly

Ya but what you dont realise is Vegas is on the top 5 worse for forclosures in the country, and the economy is the worst of its kind.. so you obviosly havent been paying attention either

Yes Vegas as a city has one of the highest foreclosure rates; however, as I stated in my earlier post it's mainly because people came out here buying homes with little or no money down ARM's that got burned when the rates skyrocketed. These people looked at how much the houses increased within the last 5 years and thought they could make a quick buck flipping them, then the market caved in and they took a bath.

Same thing happened in DC. People thought they would make a quick buck buying new homes in suburban Maryland and Virginia thinking that the job market is so great that there was no way the bottom would drop out. In talking to many realtors in the area, nobody had a clue.

[kimba01]

Just got here from Detroit. While Detroit could definitely compete in the "bad market" scene with Vegas, I do see a big difference. Got to the Detroit airport at 6:30 pm. Dead. The shops were closed shortly after I got there. I couldn't believe it since there seemed to be a few flights still going out. And it was relatively early. (I was in the old terminal though) Got to Vegas at 11:30 pm and it was booming at the airport. When I made my reservation, every flight was full for weeks. (I didn't know people planned that far in advance) My agent did say that the reason for that is not that there are more people flying, there are less flights going out. All the charter flights are basically gone...

Driving around here, I have seen more commerce going on then I have seen in Detroit in years. Housing? Maybe not so much, but we are obviously renting and paying a good chunk too. Same as my mtg back home. Then, 2nd day I went off to buy a vehicle. Dealerships appeared to be quite busy. I did buy a car as did many others that day. So, it isn't dead yet. I may be one of those that takes advantage of the low housing costs!!!! This rent is killin' me!!! Then again, I better just wait and see if the economy picks up or drops more. If anymore big projects stall, we could be heading back to MI.

[desertsun41]

We dont need to be an economist to see whats going on outside. I know Mrs Fields just gone belly up today, Along with several hundred Starbucks, Rite Aid, Linens and Things, Sheplers Western Wear, Schlotzskys, even the invincable Home Depots and Lowes has closed stores to name just a few. Then why are the roads all clogged up? I dont know but maybe the claim of Vegas having the highest unemployment rate in 15 years is a lie. Maybe its the highest in 100 years. If people are working then why are the roads clogged with ferocious traffic jambs maybe worse then southern Cal?

Las Vegas leads the nation in foreclosures. Stockton, CA seems to take the top spot then LV overtakes it from month to month. Sure there are high foreclosures all over. But in many cities/states/areas it is due to the bad loans. Places like LV, Phoenix, Miami and Detroit, foreclosures are due to falling home values mainly. Home values have fallen more in LV then any place else including Southern Cal.

People can make all the claims they want to about people still spending money but Nevada says sales tax collected is so far off that they are in a crisis. If it weren't for tourist this town would sink. Construction has kept LV on top of the world but that sector is DOA right now.

[Daddys///M3]

Originally Posted by desertsun41

Las Vegas leads the nation in foreclosures. Stockton, CA seems to take the top spot then LV overtakes it from month to month. Sure there are high foreclosures all over. But in many cities/states/areas it is due to the bad loans. Places like LV, Phoenix, Miami and Detroit, foreclosures are due to falling home values mainly. Home values have fallen more in LV then any place else including Southern Cal.

Stockton, CA has Vegas handily beaten in the FC department. As for the falling home values, what do you think is causing the home values to decline? If you guessed foreclosures (and short sales which would inevitably lead to foreclosure) then you would be correct. So your analysis is backward, to say the least.

That being said, I do not disagree with your last statement.

[MomMom]

Originally Posted by desertsun41

We dont need to be an economist to see whats going on outside. I know Mrs Fields just gone belly up today, Along with several hundred Starbucks, Rite Aid, Linens and Things, Sheplers Western Wear, Schlotzskys, even the invincable Home Depots and Lowes has closed stores to name just a few. Then why are the roads all clogged up? I dont know but maybe the claim of Vegas having the highest unemployment rate in 15 years is a lie. Maybe its the highest in 100 years. If people are working then why are the roads clogged with ferocious traffic jambs maybe worse then southern Cal?

Las Vegas leads the nation in foreclosures. Stockton, CA seems to take the top spot then LV overtakes it from month to month. Sure there are high foreclosures all over. But in many cities/states/areas it is due to the bad loans. Places like LV, Phoenix, Miami and Detroit, foreclosures are due to falling home values mainly. Home values have fallen more in LV then any place else including Southern Cal.

People can make all the claims they want to about people still spending money but Nevada says sales tax collected is so far off that they are in a crisis. If it weren't for tourist this town would sink. Construction has kept LV on top of the world but that sector is DOA right now.

DS...now you're scaring me.

What do you think caused the current crisis this country is in?


BAD LOANS


BAD LOANS

BAD LOANS

You been asleep? More nickel and dime investors bought homes here in Las Vegas than you could EVER shake a stick at...because they saw the home values inflating at ridiculous levels and they saw $$$$ in the land of milk of honey. That old supply and demand thingy...

These idyllic folk were able to buy homes they couldn't afford...no stated income, no money down, low, low monthly payments, the Jebediah plan, the Nehmiah plan, the Aunt Jemima plan..

BAD LOANS equals people who really weren't qualified for and now can't pay their mortage (foreclosures) which equals lowering home values...

That's why there are so many foreclosures here and everywhere else, everyone wanted to invest in "Vegas baby".

The prices of homes are more realistic now, but they could be lower. It's a shame too, there are still youn people out there who even now, with the home values at such a decrease from just a couple of years ago, still cannot afford to buy a home here.

And yeah, we all kinda KNOW Las Vegas is built upon tourists...they're still coming, not like the numbers of a couple of years ago, but they're still coming whether construction is going on or not.

Discounts on rooms/shows/restaurants is what will keep them coming, too...IF, our Las Vegas corporate fathers are wise to the current state of the union that is