Archive for May 12th, 2010

Slowly but Surely Las Vegas Moves Forward

Wednesday, May 12th, 2010

This economic downturn has been especially hard on Las Vegas. In my view, we were lulled into a false sense of security concerning recessions because the two previous episodes barely scraped us or slowed us down. This time, the depth and breadth of the nationwide problems showed Las Vegas just how vulnerable it can be to serious economic difficulties and rock bottom levels of consumer confidence.

However, it does seem as if the situation is beginning to stabilize for us and the future may hold more promise than recently expected. The Las Vegas Convention and Visitors Authority is reporting that visitor volume has either stayed flat or posted modest gains for seven months in a row now. This may not sound overly exciting, but previous to this seven month “stability trend” our tourist numbers dropped for 15 months in a row. The first step in turning the corner in any situation of consistent decline is to arrest that process and stop the elevator from dropping further. It seems as if Las Vegas is reaching that important point in the recovery process. Do we still have a long way to go? Of course, but you have to start somewhere …

Another sector of the local economy that appears to be stabilizing is the Las Vegas real estate market. The Greater Las Vegas Association of Realtors reported Monday that Las Vegas home prices experienced their first year-over-year increase since 2007. Again, the first task of any recovery is to put the brakes on the steady rate of decline. Thankfully, the median price of residential real estate in Southern Nevada has held fairly steady for about a year now. Without question, it’s going to take many years to repair the damage from the housing bubble, but you have to start by making a start, and we appear to be doing so at long last.

Step Aside Guys – Women Increasingly Dominate Real Estate

Wednesday, May 12th, 2010

Here is today’s news from the research arm of the NAR …

More than twice as many women purchased a home for the first time in 2009 than men, according to a survey by the National Association of Realtors (NAR).

Should we consider this to be solid evidence of continued strides towards greater financial independence and decision making capability for 21st century American women? One would certainly have to think so. As more economic opportunities for advancement present themselves, women are clearly stepping up (and forward) to grasp the potential inherent in their lives. How does this steady shift in female independence affect the society at large over time? In my opinion, strong and capable women make better wives and better mothers because they make better partners and set a better example.