The recession is hitting hard in many places, and not so hard in others. Foreclosures and the overall demise of the new home construction industry are occuring most everywhere, particularly in the Sunbelt and Great Lakes regions. Which city and metro area is getting hit the hardest ? The definitive answer is subject to be debate, but many of the usual suspects can be considered: Phoenix, Atlanta, Miami, Sacramento, Denver, Dallas, and others. But this article puts forth a strong argument that Las Vegas is ground zero for having the most striking impact from the economic downturn. It sounds as if many retail centers are emptying out and there is a vast surplus of developed commercial real estate sitting empty and unrented. The foreclosure problem has hit Vegas hard, so it would seem this is a predictable secondary effect. Is it a harbinger for other metro areas ? Probably some, like Phoenix and Sacramento, will experience this. Others, like Denver and Dallas, may not see much of this. It looks as if the bankruptcy courts in Southern Nevada will be handling a lot of business failures and commercial land developments going belly up very hard in the coming months.-
http://www.lasvegassun.com/news/2008/jun/02/slowdown-not-sparing-many-vegas-locales/
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