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Nevada's Economic Implosion: By The Numbers

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As go the numbers, so does the economy. While the numbers, rankings, and data crunching does not truly convey the human cost of the housing implosion and recession, they can give us clues as to why things happen, the scope and scale of the problem and when we might recover. More>>

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Number of Bank-Owned Sales Increased as Average Sales Price Fell
Number of Bank-Owned Sales Increased as Average Sales Price Fell
The subprime home loan debacle became readily apparent in 2007 but it wasn't until 2008 that the number of short sales by Clark County homeowners already in default began to skyrocket.More>>
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Map: Hardest Hit Zip Codes
Map: Hardest Hit Zip Codes
There is no bigger challenge in the local housing market than getting the thousands of foreclosures sold. One zip code in particular is most affected.More>>
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Federal Housing Program Fails To Help Most Underwater Homeowners
Federal Housing Program Fails To Help Most Underwater Homeowners
Updated: Thursday, November 17 2011 10:54 AM EST2011-11-17 15:54:44 GMT
With 269,560 mortgaged residences underwater in the Las Vegas metro area, only a fraction have found relief through federal housing programs offered by the Obama administration.
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Demands On Social Services Skyrocket During Recession
Demands On Social Services Skyrocket During Recession
Updated: Wednesday, November 16 2011 7:59 PM EST2011-11-17 00:59:37 GMT
State-run welfare programs have seen their caseloads skyrocket since the economy tanked. According to the Nevada Division of Welfare and Supportive Services, there were 279,840 Medicaid recipients statewideMore>>
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Top Ten States and Cities For Foreclosure Filings
Top Ten States and Cities For Foreclosure Filings
UNLV Economics Professor Nasser Daneshvary, director of the university's Lied Institute for Real Estate Studies, estimates that banks have foreclosed on 75,000 homes in Clark County since 2008 and that there have also been about 20,000 short sales since then.More>>
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Chart: Las Vegas Mortgage Holders are $14 Billion Underwater
Chart: Las Vegas Mortgage Holders are $14 Billion Underwater
No state had a higher percentage of homes underwater than Nevada for the three months that ended in June.More>>
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Nevada Law Puts Brakes on Foreclosure Activity, For Now
Nevada Law Puts Brakes on Foreclosure Activity, For Now
There was a significant decline in the number of mortgage default notices served on homeowners in the Las Vegas metro area and in Nevada in October, but not because of a sudden recovery in the housing market. Although, foreclosure activity data does appear to show a longer-term improvement trend.
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The Bigger the Bubble, The Harder It Popped
The Bigger the Bubble, The Harder It Popped
While other states have seen greater price declines during the past year, Nevada dubiously takes the top spot for home value deflation between the bubble's peak through today.More>>
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Chart: Local Government Property Tax Revenues
Chart: Local Government Property Tax Revenues
Property tax revenue for Clark County, Las Vegas, Henderson and North Las Vegas rose rapidly from fiscal 2005 before peaking in fiscal 2009, and then heading over the cliff.More>>
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Chart: Clark County Property Values
Chart: Clark County Property Values
Nevada led the nation with a 58.1 percent drop in home prices from June 2006 through June 2011, according to the FHFA, and had the nation's fourth highest decline, 13.4 percent, from June 2010 to June 2011.More>>
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Chart: Housing Vacancy Rates Trend
Chart: Housing Vacancy Rates Trend
Across all home types, vacancy rates have spiked during the recent recession.
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Chart: Top Residential Mortgage Lenders
Chart: Top Residential Mortgage Lenders
As housing prices in the Las Vegas metro area peaked in 2005-2006, the biggest mortgage lender by far was Countrywide Financial Corp.More>>
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Chart: Jobs Trend by Industry
Chart: Jobs Trend by Industry
It is amazing how fast fortunes can change in the Silver State. In 2005, the Las Vegas metro area enjoyed one of the lowest unemployment rates in the country at four percent. From 2006 to 2010, four short years, the metro's jobless rate nearly quadrupled to 15.6 percent, the nation's highest.More>>
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Chart: Clark County Taxable Sales Trend
Chart: Clark County Taxable Sales Trend
Clark County taxable sales, which peaked at nearly $36.3 billion in fiscal 2007, plunged 22.9 percent to $28 billion in fiscal 2010 before rebounding somewhat to slightly more than $29 billion for the fiscal year that ended in June, according to the Nevada Taxation Department.
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Chart: Clark County Bankruptcies
Chart: Clark County Bankruptcies
Nevada rose to tops in the nation with 11.23 bankruptcy filings per 1,000 residents in 2009 and remained number one last year with 11.1 filings per 1,000 residents, according to CreditCards.com.More>>
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Chart: Top 10 Bankruptcy States Per Capita
Chart: Top 10 Bankruptcy States Per Capita
Nevada rocketed to the top of the highest number of bankruptcies per capita in the nation in 2009 and stayed there in 2010.More>>

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