'Recession Resistant' Las Vegas Suffering Badly

Nothing is recession proof...and continual denial that we've been in a recession for quite some time just adds to the problems.

IMO,

Don
 
Quote from Don Bright:


and the speculators are starting to snatch them up.

Don
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Please, send them over to my neighborhood. About 10% of the homes have been for sale for over 12 months now with no buyers. The homes have gone from having realtor signs in the front yard to notices plastered on the garage doors, "No Tresspassing" "Bank Owned". At the peak, these homes were selling for $450,000 for a 2500 sq ft home. No buyers now at $375,000 listing prices.

The housing bust is a long way away from bottom. The affordability of homes in LV is not in sync with income levels.

BTW, less than 10% of the dealers/valet parkers in LV make $75,000. The effects of the death of no "income verification" mortgages in LV is quite severe. The income that many tip employees show on their tax filings is quite a bit different than their actual income. Couple that with the fact that many casino workers are degenerate gamblers rather than savers and you have a large gap between home prices and verifiable income.

This does not even include the retirees from other parts of the country who can't move to LV because they can't sell the home they currently occupy.
 
Quote from Port1385:

"Even the people still coming to Las Vegas are spending less. Julia Lee, 27, of Los Angeles said she normally brings $10,000 on her trips here to play blackjack. As Ms. Lee picked up show tickets the other night, she said she had brought less than half that on this trip. “My parents are in real estate, and we’re worried,” she said."


HAHAHAHAHAHA. This lady is in real estate and usually brings 10 grand with her on Las Vegas trips. However, due to housing depression she has only brought 5k on this trip in order to cut back.

Does this make any sense at all? Your worried about the economy and your job revolves around housing which is sinking quick therefore you go on a trip to las vegas spending 5 grand...
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Priorities man..priorities...
 
Quote from gymratnyc:

How much do black jack and valet parkers make in LV? Median?
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Another Mad Money loyalist, I see. They also do well as KIA salesmen.
 
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