Articles tagged with: Las Vegas

Lost Vegas – A documentation about the current suffering of Las Vegas

10 May 2009 Michael Szumielewski 11 Comments Economy

18 months ago Las Vegas was one of the fastest growing areas of the United States. Now the economic downturn is hitting the city hard causing unemployment, abandoned casino projects and evicting people from their homes.

The economy collapsed and Las Vegas fells it. This 25 minutes long documentation shows various examples what happens in Sin City. The reporter interviews and joins several people living in the city, amongst them police men who throw people out of their homes. Some people are forced to leave their homes even if they have the money, but rented the place and unfortunately the actual owner can’t pay his mortgage, resulting in having only 20 minutes to pack their stuff and get out. Another example of radical life changes are women once working at mortgage firms and now dancing as a strippers. The city and state is also suffering from budget cuts for hospitals, universities and so on.

I recommend watching the video if you have no first hand experiences to know what’s actually going on down there. People clearly made the mistakes to thing that the boom will last forever and that real estate is a good investment which will always raise in value making it pay for itself.