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  • Approved for CNN

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    Posted February 4, 2009 by
    austinchu
    Location
    Las Vegas, Nevada
    Assignment
    Assignment
    This iReport is part of an assignment:
    Signs of the economic times

    More from austinchu

    Foreclosed Homes In Las Vegas

     

    When I left Orange County, California, I didn't see too much evidence of the recession taking place. People were still going out to eat, keeping their homes, driving their nice cars. However, when I arrived in Las Vegas, I began to notice some changes.

     

    The Strip is noticeable a bit slower than usual. Don't get me wrong, people were still flooding the streets, drunk, gambling, and standing in line for buffets.

     

    However, I did notice, a lot of empty poker tables, the penny slots were occupied more than the .25 slots, the cashiers were sitting behind the caged room, bored, and not working.

     

    There were more coupons for 2 for 1 drinks, cheaper buffets, and a bunch of "free" things. I also saw large construction projects on hold, even during the day. I though Las Vegas never sleeps at night?

     

    What is even more interesting is the neighborhoods that surround the strip. Every 5 homes, is a foreclosure sign, or a "bank owned" sign in the front, dried, dead lawn. Driving through the streets, I began to wonder if people even lived in the communities. The sense of emptiness slowly creeps up on you like a bad cold.

     

    We stumbled upon a couple of real estate investors. It's a good time for them because property is extremely cheap. We had the opportunity to see some foreclosed homes. Let me tell you, it stinks. There is feces on the walls, urine stained unto the carpet, copper wires are ripped out of AC units, windows are broken. NIce communities had evolved into slums.

     

    We visited a home that was burnt down, because the family was so frustrated with the banks, they decided to burn down the home.

     

    Follow us: http://therecessends.com

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