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Bah..the government says the recovery is underway.
Don't you see how well Wall Street is doing ?
(Who knows where that money is coming from as MM's are still full of investor funds sitting on the sidelines).
Don't you see how well companies are with their reporting of profits ?
(Based on cost cutting to reduce operating costs NOT from generating any actual revenue mind you).
Haven't you seen the increased RE sales reports ?
(Nevermind that commercial RE has taken a nose dive and foreclosures and bankruptcies are now hitting the news).
That is one big reason why I escaped Las Vegas. For those of you who want to argue depression VS recession may I invite you to see for yourself first hand what a real life depression is.
Not long ago LV was growing at unprecedented levels never before seen in America or anyplace else. Those who climb fastet will fall even faster they say. My home was appraised at $340K in 2005. When I let the bank have it last year it was appraised at $140K. And the fact of the matter is it ain't even worth $140K if no one is willing to buy it. Value is found by what the market is willing to pay for it.
Reasons LV died and will stay dead is Nevada's health care is rated dead last in the USA. Nevada's school system is rated dead last in the USA. Police brutality cases is 2nd worst in the USA. With Lake Mead at 40% full and almost no hope of ever recovering...Vegas will run out of water in just 8 years, the highest foreclosure rate in the USA...one in every 21 homes in LV is in forclosure, traffic jambs that have grown worse then southern California, no state lottery......the list goes on.
The 81% figure given in the title to this thread seems low to me. Based on all the now empty store fronts and all the U-Hauls heading out I wonder if it's more.
Bye bye sheet hole. Hope to never see you ever again. And may the LV pigs be damned too.
That is one big reason why I escaped Las Vegas. For those of you who want to argue depression VS recession may I invite you to see for yourself first hand what a real life depression is.
Not long ago LV was growing at unprecedented levels never before seen in America or anyplace else. Those who climb fastet will fall even faster they say. My home was appraised at $340K in 2005. When I let the bank have it last year it was appraised at $140K. And the fact of the matter is it ain't even worth $140K if no one is willing to buy it. Value is found by what the market is willing to pay for it.
Reasons LV died and will stay dead is Nevada's health care is rated dead last in the USA. Nevada's school system is rated dead last in the USA. Police brutality cases is 2nd worst in the USA. With Lake Mead at 40% full and almost no hope of ever recovering...Vegas will run out of water in just 8 years, the highest foreclosure rate in the USA...one in every 21 homes in LV is in forclosure, traffic jambs that have grown worse then southern California, no state lottery......the list goes on.
The 81% figure given in the title to this thread seems low to me. Based on all the now empty store fronts and all the U-Hauls heading out I wonder if it's more.
Bye bye sheet hole. Hope to never see you ever again. And may the LV pigs be damned too.
What makes it scary is that the Boom went bust in LV about 18 months before the rest of the country.
I was house flipping at the time and some friends who'd moved to LV were telling me to buy there but I had a gut feeling it would crash. The prices were going up faster than people were moving in. That had to backfire at some point. The price increases at the time were slowing and that's usually a sign that a fall is coming. Lucky guess for me.
I did wonder how a place with such a limited water supply could support such unprecedented growth. They've been forced to use barely treated sewer water just to keep the few plants they have from drying up and blowing away since the late 1950s. I dunno, very little about that town ever made much sense to me. I do like Nevada's tax structure and gun laws though. If I didn't so despise the desert I think it might be a fun place to live.
To the OP:
There ain't a lot a difference between the respective 80% and 70% cities shown in the 2nd list. What's more catastrophic is the absolute number of households that have been nuked across the country by the underregulated, organized scam mortgage phenomenon. Dubya's Treasury Dept dropped the ball, the Fed dropped the ball, but Wall Street sucked up the mortgages regardless of their validity and worth, churned out billions of spuriously rated securitized bonds, and pulled off the biggest financial scam in American history.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
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Quote:
Originally Posted by Joe_Ryder
What makes it scary is that the Boom went bust in LV about 18 months before the rest of the country.
I was house flipping at the time and some friends who'd moved to LV were telling me to buy there but I had a gut feeling it would crash. The prices were going up faster than people were moving in. That had to backfire at some point. The price increases at the time were slowing and that's usually a sign that a fall is coming. Lucky guess for me.
I did wonder how a place with such a limited water supply could support such unprecedented growth. They've been forced to use barely treated sewer water just to keep the few plants they have from drying up and blowing away since the late 1950s. I dunno, very little about that town ever made much sense to me. I do like Nevada's tax structure and gun laws though. If I didn't so despise the desert I think it might be a fun place to live.
Las Vegas used to be a place that you moved to when you retired. Same with Florida.
Las Vegas is what happens to any market and/or economy when the regulators let the gamblers run the show. This is why markets are regulated. I am not surprised the LV, NV is among the worst. It is a city started by the MOB and run by the MOB where straight folks can indulge without any consequences. Until they look at how much they lost.
LV infected the rest of the housing market and the disease spread to commercial properties as well. The country was very efficiently fleeced by a few very wealth and connected thieves. Hence my comment that most big fortune is the result of inheritance or fraud.
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