How bad is the current financial situation in America? Some say that this recession is soon to be a depression and is as bad as anything the public has seen sine the Great Depression. But it can't be that bad everywhere, right? Some places have to be doing well. If you guessed that California was still an in-demand destination, you'd be wrong. The state is nearly bankrupt, and governor Terminator's relationship with the man in charge of the bailouts is shoddy at best. (He called him a ‘girly-man.') But a little east of Cali, in a desert oasis known as Las Vegas, gambling isn't the only draw. Vegas still offers prime real estate and opportunity.
But how can that be, you're asking. Well, if you've been keeping up with the news lately, then you know that Las Vegas' economy is currently in a freefall. This is bad news for the super wealthy men and women who rely on casino revenue to keep their jets gassed yachts afloat. When you hear the phrase, "The house always wins," it's referring to the likes of Steve Wynn. Immediate fiscal opportunity may be in short supply, but if you believe in Newton's gravity, you also have to believe that nothing can stay down forever.
The fact of the matter is that the news is wrong. It doesn't take a genius to check the statistics out. This recession is nowhere near as horrific as the Great Depression. In fact, by numbers alone, this recession doesn't even have the thump that Carter's recession of the late ‘70s did. And while this may not bring a smile the face of a hungry child or an out-of-work homeowner, it does mean that things will eventually spring back.
There are sure to be changes once President Obama's trillions actually go through. The country is going to witness increased inflation (maybe even hyperinflation) and a steady flow of traffic leading out of big cities due to fear of increased taxation. But for the average person looking to find a new home, Vegas' current market is a blessing in disguise.
The word itself, "recession," means to recede. The public's lack of spending and investing causes a downturn in the economy. It's basically like going on survival mode, so the rhetoric coming out of Washington can easily confuse the situation. What Vegas is lacking is real-deal investors. Even the banks who accepted billions of dollars in taxpayer money are refusing to fund Vegas projects. They want to keep their aforementioned jets. But this shouldn't hinder homeowners.
Homes can be purchased in Vegas today for a fraction of their cost just a short year ago. And whether you're looking to move to the area permanently or simply invest and resell once the slump subsides, moving to Vegas is a move worth making if you're interested in the future.
