Based on data found a recent piece in the New York Times, of all the states struggling amid the so-called “great recession,” there may be none suffering worse than Nevada. For a state dependent on tourism – and the revenue it brings – the economic downturn has been especially devastating. Discretionary spending such as “recreational travel” has decreased dramatically. The resulting lack of spending on casinos, hotels, and other venues has led to the worst unemployment rates in the country. While national rates have remained steady at 9.6%, Nevada’s unemployment rate stands at 14.4%. Worse yet, in Las Vegas, unemployment is at 14.7%.
It should come as no surprise that all of this has led to a spike in home foreclosures. But even accounting for low expectations, that Nevada has ranked first in the country in foreclosures for 44 consecutive months is a staggering statistic. NevadaAppeal.com puts some of these numbers in context:
- 1 in every 84 Nevada homes got a foreclosure filing in August, a figure that is 4.5 times the national average.
- Florida’s foreclosure rate, the second highest in the nation, stood as of August at 1 out of every 155 homes receiving a foreclosure filing.
- In Arizona, which ranks third in the country, 1 out of every 165 homes received a foreclosure filing in August