Foreclosures Climb in 75% of Metro Areas

During the first six months of the year, major metropolitan areas in states like in Florida, California, and Nevada saw drastic hikes in their foreclosure rates. According to CNN Money, unemployment has replaced bad mortgages as the leading cause of these foreclosures.

RealtyTrac, an online marketer of foreclosed homes, said that California, Florida, Arizona and Nevada continue to lead the nation in the rate of foreclosures. Las Vegas was the worst-hit city.

But now unemployment has replaced toxic mortgages as the leading cause of foreclosures throughout the country, according to spokesman Rick Sharga.

"Las Vegas has seamlessly shifted from having a high level of foreclosures due to bad loans," said Sharga, "to defaults caused by a high level of unemployment." Some 14.5% of its work force was idle in June, up 2.1 points from last June.

Las Vegas had one filing for every 15 households in the metro area. The second highest rate was in Cape Coral/Fort Myers, Fla., with one for every 20 households. Two California cities, Modesto and Merced, tied for third with one filing for every 22 households.

Continue reading at CNN Money.com…

Las Vegas Legislators Propose to Tax Prostitution

Cities all over the country are being affected by the recession, and one of the areas hit the hardest is Las Vegas, Nevada. Although the city’s economy was booming in the late 1990’s and early 2000’s, it is not struggling to find additional revenue. As such, a local politician has suggested a tax on the world’s oldest profession – prostitution. Check out the article below that discusses the proposal, thanks to KXNT.com.

Senator Bob Coffin of Las Vegas believes Nevada could pick up two million dollars annually if it imposes a tax on prostitution. He's introduced a bill in the state Legislature that would charge patrons five-dollars tax for each session. He notes that the state Department of Taxation would be allowed to publish how much it took in, only it didn't identify an individual business. Some of the money would go toward an "ombudsman for sex workers." It would provide assistance to prostitutes who have complaints or are looking for another profession.