Once viewed as a suburban promised land, Nevada is now something of an economic desert. The state's unemployment rate skyrocketed to 14.2 percent in June, more than any other state. Around 6 percent of Nevada's homes fell into foreclosure in the first 6 months of the year. But while Nevada's problems are more severe than most states, the causes of its problems aren't that different from elsewhere. Indeed, some economists fear that the entire U.S. will soon resemble Nevada if its real estate problems persist unchecked. Everybody place your bets. Nevada Real Estate Market: Worst in the Nation?
By
Alec Foege
| Posted Jul 28th 2010 4:16PM
| Posted Jul 28th 2010 4:16PM
Once viewed as a suburban promised land, Nevada is now something of an economic desert. The state's unemployment rate skyrocketed to 14.2 percent in June, more than any other state. Around 6 percent of Nevada's homes fell into foreclosure in the first 6 months of the year. But while Nevada's problems are more severe than most states, the causes of its problems aren't that different from elsewhere. Indeed, some economists fear that the entire U.S. will soon resemble Nevada if its real estate problems persist unchecked. Everybody place your bets. Video
Poll
| Yes. Affordability is at a 30-year high, and I should be able to qualify for a mortgage. | |
|---|---|
| No, but I would if I could. Lending in my area is still tight, and I don't have that kind of cash on hand for a down payment. | |
| No, I'm holding out for an even better deal. | |
| Nope. It's a renter's life for me. |
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