Besides New York, Nevada may be the state with the MOST to LOSEas a result of the ongoing U.S. housing bubble-induced Recession. Some interesting/scary points that caught my eye per the below informative Bloomberg article focused mostly on Sin City itself, Las Vegas:
* During 2000 to 2007, Nevada led the U.S. housing boom with an estimated amount of 275,000 new homes built...a 33% increase that was the highest of any state, according to the U.S. Census Bureau
* Las Vegas currently leads the country in falling Home Prices, Foreclosures and stalled Construction projects
* Las Vegas's housing market is the worst in the U.S...Home values in the area at the end of the second quarter had fallen to March 2004 levels, according to the S&P/Case-Shiller Home-Price Index.Las Vegas prices fell 30% in July from a year earlier, the biggest drop among 20 U.S. metropolitan areas...The median home price in August was $210,000, and 3 out of 4 home sales were bank-owned properties that were foreclosures, the Greater Las Vegas Association of Realtors said
* Over $10 Billion of Hotel and Casino projects with 10,000+ rooms have been delayed on Las Vegas Boulevard ('the Strip'), according to locally based real estate and economic consulting firm Applied Analysis LLC
* According to the Nevada Gaming Control Board in Carson City, gaming revenue for casinos on the Strip fell for the 8th straight month in August from a year earlier, the longest streak of declines since records began in 1983. The 16% drop in May was a record. August revenue fell 7.4%..."The only comparable period was around 9/11, when we were down for 5 straight months,'' Frank Streshley, senior analyst at the board, said in an interview.
* At Las Vegas's McCarranInternationalAirport, the total number of arriving and departing passengers in August dropped 10% from a year earlier, when a record 4.3 million passengers went through the airport...Southwest Airlines (LUV), which has more flights leaving Las Vegas than any other city, had a 7.3% drop in Las Vegas passengers in August, and starting in January the Dallas-based carrier will cut its daily Las Vegas departures to 227 from 240..."We are uniquely positioned to be penalized by the global slowdown, because we're hugely dependent on the consumer getting in a car or plane to get away from their lives,'' said Jeremy Aguero, co-owner of Applied Analysis.
* The Unemployment Rate for Las Vegas rose to 7.1% in August, a 2.1 percentage point increase from a year earlier.
I am an avid follower of all things related to the expansion and forward progress of our dear GLOBAL Economy. I use this blog as an informal forum, and data repository of sorts, to both share + catalog my thoughts on the economy, and potential 'investible' stocks, sectors and themes in the market. If you act on any of my ideas, or observations, then please realize you are doing so at your own risk. Please feel free to leave interesting, thought-provoking comments on the blog ('Random Thoughts of Brill/Blog-iance')..if you're $hy you can do so Anonymously. If you wish to contact me directly with your comments, then please do so via e-mail, THANKS.
Besides New York, Nevada may be the state with the MOST to LOSE as a result of the ongoing U.S. housing bubble-induced Recession. Some interesting/scary points that caught my eye per the below informative Bloomberg article focused mostly on Sin City itself, Las Vegas:
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