The economy in Las Vegas has illustrated the worst the recession has had to offer over the past few years. Record foreclosures and unemployment coupled with slow tourism have put Las Vegas and Nevada at the bottom of many lists that measure economic health. It's been difficult for economist and experts to predict when and how the economy in Las Vegas will recover and every month as measurements for housing, tourism and consumer spending come out there have often been surprises, good and bad. So what can we learn from the past and what does the future hold? We're joined by a panel of experts as well as two unemployed citizens and an MGM Resorts International executive to talk about the state of, and future of the Las Vegas economy.
The Las Vegas housing market has long been one of the worst in the nation - foreclosures at record levels and 50 to 60 percent drop in prices over the last three years. So where is the housing market now? Will it take decades to fully recover? And what is driving the continued wave of problems with the market?
The federal government has been trying since 2008 to arrest the foreclosure crisis. The goal is to keep homeowners in their homes but the further home prices have fallen, the harder it has been for Nevadans to qualify for federal assistance.
Congress is looking to save money, and a housing program for veterans might get the axe. HUD-VASH subsidizes housing for veterans. Cuts might leave up to 10,000 veterans short of housing nationwide. Around 600 homeless veterans use the program in Las Vegas. So who would end up on the street if this program gets cut? Where do homeless vets typically find shelter in Las Vegas? We talk to homeless veterans about life on the street, and to local programs about what they're doing to find housing with looming cuts.
The economy in Southern Nevada has been bumping along the bottom for a long time. Much longer than most people thought. But is the end in sight? Can we at least see some light at the end of the tunnel? Economist and business consultant Jeremy Aguero gives us a preview of the Las Vegas Perspective - the definitive book on population, housing and money in Southern Nevada.
The news about home prices in Las Vegas just keeps going from bad to worse. Or so it seems. But are there any places to buy? Do home prices have any chance of recovering in our life-time? Why have the mortgage modification and neighborhood assistance programs made so little difference? Is it ever the right time to take the hit and move on to greener pastures? Experts from the real estate industry will try to assess what the real outlook for housing in the Las Vegas Valley.