As of the end of last year, Las Vegas housing prices were below those in January 2000.
To be fair, Cleveland and Detroit are in the same boat. But, neither's in the Sun Belt, the new economy, etc.
The Vegas numbers probably should be of concern for Phoenix and California's Central Valley, though. Add in cutting back on discretionary spending, though, and Vegas has its own unique problems. The gaming/casino industry will probably take the better part of a decade to fully rebound. So, some parts of America will have a Lost Decade, like Japan.
A skeptical leftist's, or post-capitalist's, or eco-socialist's blog, including skepticism about leftism (and related things under other labels), but even more about other issues of politics. Free of duopoly and minor party ties. Also, a skeptical look at Gnu Atheism, religion, social sciences, more.
Note: Labels can help describe people but should never be used to pin them to an anthill.
As seen at Washington Babylon and other fine establishments
February 23, 2011
A decade of bubble burst in Vegas
Labels:
housing bubble,
subprime bubble,
The Great Recession
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