Sep 3, 2010
According to the Standard & Poor’s/Case-Shiller home price index, Vegas homes have lost a staggering 56% of their value since December 2006. This is more than any other city in the index.
The Las Vegas Sun reports that residents of the city are now simply leaving in search of better luck elsewhere.
Both U-Haul rental, Mayflower Transit and United Van Lines moving companies suggest more people are leaving than coming. There has also been an increase in one-way bus tickets out of Las Vegas.
One man checking out of the city, a 30-year-old plumber and mechanic, told the Vegas Sun that ater 10 years of trying in vain to find a steady job, he is giving up on Las Vegas.
“You can’t find work here,” he said, declining to give his name.
Some experts say they had expected even more people to leave but many residents are struggling to sell their homes or have not been able to find work elsewhere – the national unemployment rate is at 9.5 percent.
However, Vegas’s misfortunes can’t continue forever. With home prices down 56% a turnaround cannot be too far away. There’s also the ingenuity of American entrepreneurs and builders trying to reinvigorate the Vegas housing market. Earlier this summer America’s largest builder KB Home ran a promotion offering Canadian Superstar Justin Bieber concert tickets to visitors to any Las Vega-area community.
In the midst of its misfortune it maybe time to start betting on Vegas.