Nevada's Economic Misery May Be America's Future

[marmar]

from HuffPost:



So many homes in Las Vegas have been foreclosed upon that banks rarely bother to hang a "For Sale" sign on the front lawn anymore. Instead, visitors identify bank-owned properties by the brown grass and the 8.5 x 11-inch sheet of paper taped to the front door or the garage.

On a cul-de-sac in the once-pleasant neighborhood of Silverado Ranch, Larry Wood is the last remaining resident. Two of the four homes are in foreclosure and a third is a "party rental" only occupied by rowdy tourists on weekends. One of his neighbors made a few bucks before abandoning the home, he says. "They sold all the palm trees and just walked away from it," says Wood, sporting a "Freedom Isn't Free" T-shirt. "It's a great neighborhood. I guess that people weren't financially set up to get through the crash."

Wood takes little comfort in being the last resident. "Sometimes it's scary. There's a possibility someone would try to rob me and I wouldn't have any neighbors to help me," he says, recounting a previous attempted intrusion when his then-neighbor called to warn him not to answer the door because there was a group of thugs knocking. Armed and ready, he huddled near the door but the gang gave up and left.

Walking away is becoming a habit among law-abiding residents too. It's hard to find a home bought before 2009 that isn't underwater and very few landlords, when running credit checks, look for foreclosures or short-sales on a tenant's record. Otherwise, a manager couldn't fill a building. ..........(more)

The complete piece is at: http://www.huffingtonpost.com/2010/07/27/nevadas-economic-misery-m_n_661043.html

[xultar]

1. So now everyone knows he is alone because the ass hat reporter

put his hood name in the story.

[Bitwit1234]

2. Nevada and New Jersey are feeling the pain

because people don't have the money to gamble any more. They need what money they have for food and housing and taking care of children. THIS IS WHAT THE REPUBLICANS HAVE DONE TO US and now they are getting away with trying to blame in on Democrats. And the media is letting them.

[laughingliberal]

3. K & R nt

[Turbineguy]

4. Somebody once told me

that Las Vegas really has no reason to exist. Gambling does not produce anything. It only transfers money. It's the perfect industry for somebody like George Bush, because he has no concept of producing anything useful.

Which may explain why they did will during the last decade.

Not that I have anything against people who live there or anything against having fun.

[marmar]

5. Kinda like Wall Street.

nt

[enlightenment]

9. My thought, exactly . . .

you beat me to it.

[kiva]

6. Obama got Nevada's electoral votes because of Las Vegas.

Whenever someone equates Las Vegas with the Republicans, I like to point out that fact.

[Leopolds Ghost]

7. Nevada's not the US. It's a lottery economy based on gambling, cronyism, and suburban sprawl

Oh... never mind.

[pnwmom]

8. Outside Nevada and Reno, the economy is based on ranching and mining. n/t

[Leopolds Ghost]

11. It was a dig at the rest of US. :-) n/t

[pnwmom]

12. Too subtle . . .

I would have had to read beyond your subject line.

;)

[enlightenment]

10. Well, technically . . .

Nevada doesn't have a lottery.

The casino's don't want the competition. :evilgrin: