It’s amazing. Even as the housing market seemingly stabilizes in the rest of the country, two areas stand out for not participating in the June upswing: Vegas and Detroit.
According to the latest Case-Shiller, Vegas saw a 2% month-over-month decline, while Detroit’s decline was .8%. It’s the relentlessness of the decline in these two place, one exposed to our most frivolous spending, and the other once at the heart of our core industry. Neither can catch a break.
Of course, Detroit’s been a beneficiary of government intervention — one can only imagine how bad things would be if the plug had been pulled on GM and Chrysler entirely, as what would have happened without help from DC. As for Vegas, it might be a while before it’s safe to step foot there again.
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