In recent weeks, headlines all over the nation have speculated that the housing market may have finally bottomed out and that home prices could be on their way back up. Hints that the economic recession is coming to an end have bolstered this presumption, as the stock market has begun a slow recovery and property value in several major cities have shown slight increases for the first time in many months. Unfortunately, Las Vegas appears to be a unique case, where positive economic trends enjoyed by the rest of the country have not been so visible, and in some circumstances, absent altogether.
The economy of Las Vegas has been one of the most severely impacted since the beginning of the recession and today it is still declining despite positive growth in most other cities. The unemployment rate has steadily increased throughout the year and last month it hit an all time high of 13%. Consequentially, many families who once enjoyed the benefits of two household incomes are now trying to make ends meet with only one, and several of those who were able to keep their jobs have experienced cuts in their salary or benefits. Because of this, more and more homeowners are finding themselves unable to make their mortgage payments. This is reflected in a recent RealityTrac news release, which reported that Nevada has topped the foreclosure list for the 31st consecutive month, with one in every 56 housing units receiving a foreclosure filing in July alone.
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