bigfan wrote:
Well I was just wondering with all the money that it looks like Vegas brings in, why they would still have high unemployment and foreclosures. Probably more with the Unemployment.
All relative. Population doubled in 10 years jobs available didnt.
If the LV on Bovada stood for Las Vegas, that would be more money coming into Vegas.
If they actually created it, sold it, managed it, etc. but at $12.95 it's really not that much money
The report I seen on this, it talked about all the Casino's in Vegas, but still had problems.
Like I put before, could be the wrong section.
Basically, you would think Vegas makes a lot of money per year, that it could be the last place for High Unemployment and maybe the high Foreclosures.
There was a time in Vegas that there was 4 buyers for every house, everyone wanted a new house. Prices rose like wildfire. Now 10 houses for every buyer.
When I see Bullshit PR about "Things getting better" it's so misleading. Maybe markets are finding a bottom. $300K houses from 2006 are now $100K and being sold. So, there are closings, but the value of these houses is destroyed.
Vegas is overbuilt in everyway. Hotels, Houses, etc. Everyone (Financeiers, Hotel people, Developers, etc) projected the growth to never stop. Maybe you put a project on the board in 2006 and said it would be ready in 2009, so they project 20% increases per year. Instead it's a 20% decrease per year. So the $200K houses you projected to be worth $300K is now worth $100K. Thats a big problem.
Thanks for the answers, I knew with the people that go there and Gamble there had to be a reason for their issues.