Las Vegas unemployment rises, signals more bankruptcies to come
Detroit may have the highest jobless rate in the U.S. right now. But Las Vegas had the highest increase from December 2008 to December 2009: an increase of 4.4 percentrage points.
Despite what you may have heard about signs of economic recovery out there, clearly Las Vegas is not involved in this alleged recovery.
What’s the implication of all of this from a bankruptcy perspective? Well, bankruptcies typical continue at a high rate for a good half-year to a year once unemployment rates start to improve. This means that we’re still looking at lots of bankruptcies and foreclosures to come for a good while in the Las Vegas area.
And what of President Obama’s perceived slight of Las Vegas and Las Vegas Mayor Oscar Goodman’s “offense” at the comments? Maybe that’s the best thing the government could have done to help, since the net effect is to bring more attention to the current unemployment and foreclosure crisis in Las Vegas and in Nevada.
(Of course, mortgage cramdown legislation would’ve been better. But for now let’s take what we can get in the form of Obama’s gaffe and Goodman’s quick reaction to take advantage of it for the benefit of Las Vegas.)
Light comments aside, the message is clear: Things are tough for Las Vegas right now and will continue to be.
If you need help, whether in the form of good bankruptcy attorneys in Las Vegas, bankruptcy services in Las Vegas, Las Vegas foreclosure help or just Las Vegas bankruptcy information, please contact us for a free consultation.
Freedom Law Firm attorneys have been at the forefront of helping Las Vegas residents deal with bankruptcy foreclosure problems and getting back on their feet. Get in touch to learn more and start addressing your own financial problems.