The Sound of Foreclosure

| 6/4/2009 5:01:00 PM

A strange sound echoes through many residential neighborhoods in Las Vegas these days: It’s the high pitched tweet that smoke detectors give off when their batteries are almost dead. The reason, according to Krissy Clark of American Radio Works, is “there are so many abandoned houses in foreclosure city [a.k.a. Las Vegas], there’s no one to replace all the batteries and make the beeping stop.”

Las Vegas was once hailed as a recession-proof city, where people were nearly guaranteed to make money just from buying a house. Today, the city has the highest foreclosure rate in the country. Clark takes listeners on a tour of the strange world of post-bust Sin City, a place Clark dubbed “Foreclosure City.”

Source: American Radio Works

Fritz Margaret
6/11/2009 5:40:44 AM

Few economic indicators are of more concern to Americans than unemployment statistics. Reports that unemployment rates are dropping make us happy; reports to the contrary make us anxious. But just what do unemployment figures tell us? Are they reliable measures? What influences joblessness? Michigan was the first to see unemployment over 10%, and now there are three more: Rhode Island, South Carolina, and California. Lots of people are seeking personal loans or government assistance for help during these trying times. Michigan has been especially hard hit since the downturn and decline of the automotive industry over the last few years. Economists predict that there will be a bottoming out in fall of 2009, where we will presumably see a stabilizing of the unemployment rate. Click here to read more:

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