This article from Reuters takes a look at Nevada’s finances.
Nevada’s August unemployment rate was at 14.3 percent in July, versus 9.6 percent nationally. Nonfarm payrolls in the Las Vegas region was 2.3 percent lower in July than a year ago.
The Las Vegas area’s median home price was off 58.4 percent in July from its November 2006 peak and home sales in the region dropped 22.2 percent in July from June and 18.8 percent from a year earlier, according to real estate information service MDA DataQuick.
Foreclosures continue to weigh on the region’s housing market. It had the highest foreclosure rate among U.S. metro areas with populations of 200,000 or more in July, with one in every 71 housing units having received a foreclosure filing, or more than five times the national average, according to online foreclosure marketplace RealtyTrac. Nevada in July held onto the highest state-level foreclosure rate for the 43rd consecutive month, RealtyTrac added.
And, would you be surprised, Harry Reid denies any responsibility.