It is fascinating to watch the end of a Ponzi Scheme. Sad, but fascinating.
Hint to anyone trying to sell a home in Vegas - rollback prices. It's no longer 2007. Or 2006. Or 2005. Or 2004. Turn on the way-back machine, and do what you need to do to get out now.
Because it's just gonna get worse.
Oh, one more note. It's nice to see the national media doing the job that the local media is supposed to do but won't, as they're supported by REIC ad dollars, corrupted and dying.
Lady luck turns on Las Vegas' once-hot home market
LAS VEGAS (Reuters) - People trying to sell their homes in Las Vegas -- one of America's hottest job and property markets over the past decade -- have seen their luck turn dramatically worse this year.
Away from the flashing lights of the famed Strip, thousands of signs in front of single- and two-story homes illustrate a glut of available properties, many of which are now vacant. Along one stretch of six homes on Edgeworth Place in south Las Vegas, four show "for sale" signs.
After more than half a year on the market, one house is in the process of being sold after the owner dropped the price from $324,000 to $250,000, broker Doug Helen said: "They literally wanted to get rid of it."
Another owner on the street moved back to his native Singapore because he thought his children could get a better education there, his broker, Betty Chan, said.
The situation has also been tough on builders, who continue to expand into the desert around Las Vegas. Robert Toll, chairman of Toll Brothers, recently told analysts the new home market in Las Vegas rated an "F minus minus."
"What are we doing about it? We are out there with the rest of the builders in Vegas praying. There's not much you can do," he said in August. "You can't advertise your way out of that situation. You just have to wait for the market to come back."