Can you find treasures in Las Vegas

Published by admin on March 6, 2010

Las Vegas has been acutely affected by the economic downturn as much, if not more than most other cities in the United States. Las Vegas exemplified the economic bubble that plagued the country. It became a destination catering to visitors flush with cash and credit from inflated home equity and liberal lending. Resort developers continued to build bigger, more lavish properties to serve the unquenchable thirst for hotel rooms and casinos. As a result, Las Vegas was one of the fastest growing cities in the country as people followed the growth and newly created jobs. The real estate market exploded fueled by speculators, investors and newly arrived residents chasing the dream that the city’s growth couldn’t be stopped. Unfortunately, the Las Vegas economic bubble burst was much more pronounced than other cities with less inflated economies and real estate. Las Vegas’ house of cards finally came tumbling down hard when the Great Recession hit.
In a report released earlier this year by RealtyTrac, the Las Vegas metropolitan area suffered a foreclosure rate that was five times the national average and the highest rate in the country in 2009. Home purchase and rental prices have fallen dramatically. The gaming industry, which was once thought recession proof, has had unprecedented job cuts and lay offs. Some Casino operators such as Station Casinos have even filed bankruptcy.
Where economic blight occurs, crime quickly follows. In 2009 an annual national survey named Nevada the most crime-ridden state in the country. The authors of the study wrote “Ranked least favorably among the states was Nevada, followed by Louisiana and South Carolina.” The report went onto say that Nevada’s murder rate was “nearly seven times higher than New Hampshire’s, and the Silver State reported a rape rate that was almost 50% higher than the national average.” Last year, Forbes named Las Vegas the 4th most dangerous city in the USA.
With the crime increase in Sin City, you can bet that the Las Vegas Bail Bonds business is doing well. This seems to be the only Las Vegas business thriving during the recession. Although, business may be brisk for a Las Vegas bail bondsman, Clark County itself is having trouble keeping up. In a city that never sleeps, the court’s Pretrial Services Division at the Clark County jail will shut down from midnight to 8 a.m. That means friends, relatives and Las Vegas bail bond companies won’t be able to post bail until the morning. For someone trying to post bail for a loved one, the extra time will feel like an eternity. For a city where money talks, the collapsing house of cards means even government agencies are feeling the recessionary effects just like everyone else.