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For many, gamble lost in once-booming Las Vegas FEATURE 10/24/2010

Sunday, October 24, 2010

For many, gamble lost in once-booming Las Vegas

FEATURE

10/24/2010
LAS VEGAS — Earlene Howard is the only person left living in a house on her block in Sin City, and she’s not sure how much longer she’ll be there.

The rest of her neighbors have seen their homes repossessed by lenders, and she’s already behind two months on her mortgage after her husband lost his job with a local construction company.

“I think we may need to move back to Denver,” said Howard, 42, who uprooted to Las Vegas in 2005 because jobs were plentiful here then. “This city is not in good shape. Not at all.”

Howard lives in the epicenter of America’s prolonged economic downturn.

The once-booming Las Vegas region has for 44 straight months led the United States in home foreclosures, and 80 percent of houses here are figuratively underwater — worth less than the debt owed on them.

A staggering 23.6 percent of Nevada mortgages are in some form of delinquency or foreclosure, significantly higher than the national average of 14 percent, according to data from the Mortgage Bankers Association..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20101024com6.html

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