The bubble won’t happen while emplyment is good. The unemplyment rate in Las vegas is 3.7%. There are good paying jobs everywhere. These people have to live somewhere.
Call the Chamber of Commerce abd get your unemployment numbers. With low interest rates and low unemployment figures, how can you have a bubble?
People that have Champagne taste on a beer budget! there are a ton of people that have to keep up with the Jones and can’t afford there lifestyle!
Other then that I understand and agree with you 100%!
Actually Job QUALITY is what you need to look at.
If the unemployment rate is low, but a majority of the jobs are McJobs, and prices are soaring, you have a recipe for pullback.
Here in Vegas, for example, the casinos are the major employer. Most jobs have low wages with tips. Tips are under the table and vary widely from casino to casino.
Anyway, if prices are soaring and people are not earning enough to afford the new prices, it does not matter if they are employed or not.
Let’s stay focused on “the bubble” There are tons of cities in the US where real estate did not spike upwards and you will find their unemployment rate to be above normal. The major collapse of the real estate market in 1994 happened with high interest and low job creation and high inflation. All I am saying is that with low interest, low inflation, and high job creation in certain cities, where’s the bubble.
By the way, the las vegas Chamber says hi-tech companies and hi-tech jobs are the fastest growing segment of the Vegas labor force.
Job “creation” is misleading sometimes, especially here in Michigan. Our unemployment is high enough here…but when you add the low paying BS service jobs “created” to replace the high paying manufacturing jobs lost overseas…well, unemplyment numbers only tell part of the story. It’s a lot worse here than the bad unemployment numbers, because so many new jobs are paying half of the lost jobs they are replacing. You have to look deeper than raw numbers sometimes.
To drive home what Bobo is saying:
True story – In a former life, I was travelling with the President and the topic of job creation was brought up as a question from the audience…Bill Clinton said, “Well, under my administration, we’ve created XX million new jobs.” The guy that asked the question said, “Yeah, I know, I have three of them!” I had to leave because I was laughing so hard.
Keith
It is growing. QC broke ground on a 250,000+ sq ft complex a couple weeks ago.
As to growth, if there were 10 tech jobs last week and 5 new jobs opened this week, it was a 50% increase. Can’t look at %'s when the numbers are lower. Numbers wise, Casinos lead the way.
I just saw a report about top places with new housing, by PERCENT. When they switched and looked at the hard numbers, none of the places were anywhere to be found. Vegas was right up there, as we will be for some time.
Around the turn of the century, Vegas was heavily looked at as the next Silicon Valley because of potential and low operating costs. The outlook here is very beautiful.
As to Clinton and job growth, the numbers lie. If you look at Quality, you will find a much bleaker picture. 66% of the jobs created were “McJobs.” Unfortunately, it is a trend that will keep replicating itself. Service oriented jobs, in general, do not pay much.
Like I have said before, I don’t see a bubble here in Vegas yet. I am hoping many of the 70,000 planned condo units go down in flames. Most will be in the 500k+ range.
We could have 7% unemployment and Mac jobs would still be around. These jobs are better than being unemployed, and a thrifty worker could actually save some money to get into a house.
This is one reason why Condos were so hot. Homes were becoming unobtainable for the low income workers, but condos were still viable.
However, sub-200k condos are running out quickly. You can still find sub-100k condos in the hooker and crack areas. Even those are somewhat limited.
Of course, saving money and Vegas don’t go hand in hand. Bankruptcy goes better 
Damn, that is one of the funniest things I have ever heard. I wonder what Clinton thought about that comment LOL.
I can tell you that he was at a loss for words at the moment and pissed off later (VERY bad tempered!)!
Keith