Nevada is screwed

One in eighty-four homes in Nevada received a foreclosure notice last month! (bad link before – sorry) Elsewhere around the country, foreclosures are at an all-time high but experts say the banks are still holding off in an effort to manage their inventory of bad loans.

Wow! Another link from the Professor! It’s way cool that Professor Reynolds reads this blog. I got into all this on 9/11/01 when, desperate for news, I discovered InstaPundit and became glued to it. Glenn Reynolds linked to a huge array of news sources, was cool under fire, and his own predictions have proved, nine years on, uncannily accurate. In, I think, 2002, Reynolds and other pioneering bloggers held a seminar on blogging at Yale Law School and I attended simply from a desire to stimulate my mind after a year of selling real estate. I met great people, and the seed was planted. Funny world.

11 Comments

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11 responses to “Nevada is screwed

  1. ajnock

    Wrong link.

  2. Boyd

    Much of Nevada is probably more screwed than most realize. Northern Nevada (except Reno) has been spared the pain as their economy is based so much in mining – especially gold mining. Southern Nevada has taken the brunt of this mess. I travel down there every couple weeks for work in Laughlin and many areas of Vegas are simply ghost towns. South of Vegas in Laughlin one can buy condos for les than a third of what they last sold for just 3 years ago. Many people have held out for the last couple years and not lowered their asking price even more since they can’t possible recoup their original investment even when they bought in at pre-boom levels. Another year will certainly see these folks hang it up making for a scenario of plunging prices combined with massive inventory and more foreclosures. It isn’t even near as bad as it’s going to get.

  3. sestamibi

    “Northern Nevada (except Reno) has been spared the pain as their economy is based so much in mining–especially gold mining.”

    True, but only relatively speaking, as unemployment rates in Elko and Winnemucca are bumpting up over 8%. And what is this “except Reno”? There ain’t a whole lot there outside of Reno in those cow counties in the first place! I should know, because I live in one of them.

    Nevada is the only state that is underwater in its entirety, meaning that the total value of all mortgages on residential property in the state is greater than the value of all residential property in the state.

    Nice going, Harry. We’ll see you in November

  4. Claire Voyant

    Homeowners in Nevada have some hope as Obama signs “Mortgages for Morons” bill into law.

    Revealing story at:

    http://spnheadlines.blogspot.com/2010/02/obama-signs-for-morons-bill_114.html

    Peace! 🙂

  5. RT

    When me and my wife visited Vegas a few years back, the casinos were swarming with people trying to sell time share condos. If they saw a man and woman walk in together they were all over you. We went and sat on one of the presentations, just to get free tickets to dinner and a show. Got the hard sell but ignored it. At least the dinner and show were nice. 🙂

  6. Inagua

    Nothing funny about it, Chris. You are a keen observer of what is going on, and you write with wit and verve. Your headlines and pictures are the best on the web. Why wouldn’t a smart guy like Glenn Reynolds read you?

  7. Krazy Kat

    Chris, it is funny because Dr Reynolds reads you and you often channel things he posts. I wonder if Glenn ever gets that barber shop chair sensation of looking into the mirror in front of you seeing the mirror behind which reflects the mirror in front. When I was a kid, I often wondered whether those dueling reflections go on to infinity or not.

    News aggregators are the most useful of blogs and my thanks to you and InstaPundit.

  8. Anonymous

    Economies entirely built on consumption (tourism, entertainment, retailing) and low-skill workers, like those of NV or FL, are fundamentally unstable in any Debt Bubble, like that of past 30yrs

    And RustBelt towns like Baltimore or Philadelphia or Boston or Cleveland, etc, where largest employers are often hospitals or colleges, are similarly vulnerable when welfare state entitlements are reduced, ala Europe (and education cost inflation has exceeded hc cost inflation in recent decades)

    Dangerously debt and tax-dependent economies when most workers are in tourism/government/nonprofits/healthcare…

  9. Peg

    I like reading Chris because he is actually selling homes that have at least ONE extra “zero” on ’em in contrast to homes around here in the hinterlands! 🙂

    PLUS he is cute and funny. What more could a girl want?!?