Brookings Mountain West
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The emergence of the Great Recession of 2008 had a profound impact in Nevada. The economic downturn generated high unemployment levels and led to turbulence in many sectors, particularly residential home construction and the hospitality industry. In the wake of the crisis, median home prices in Nevada plunged, while the residential foreclosure rate increased and remains one of the highest rates in the country. By 2009, it was evident that a tightening of commercial bank lending for new mortgages, combined with the impact of rising joblessness and plunging housing values, was hampering recovery efforts in the housing sector and Nevada’s economy more generally. As a result of these trends, residential home construction – the engine of employment growth in Nevada since 2000 – came to a virtual standstill.
Banks and banking; Construction industry; Foreclosure; Hospitality industry; Housing; Mortgage banks; Mortgage loans; Mortgages; Nevada; Real estate development; Recessions; Recessions--Economic aspects; Unemployed; Unemployment
Economics | Growth and Development | Real Estate
Tuman, J. P.,
Damore, D. F.,
Agreda, M. J.
The Impact of the Great Recession on Nevada’s Latino Community.
Available at: http://digitalscholarship.unlv.edu/brookings_pubs/28