Article by Julie Thompson
Las Vegas City of Nevada State is recognized instantly as the Entertainment Capital of the World, because of the renowned venues of resorts for gambling, shopping, fine dining and entertainment, including adult entertainment. The resorts in Las Vegas draw millions of wealthy tourists from across the world.
Las Vegas has another dimension to it - it has been a growing retirement and family city - in the suburban areas, which spill over miles together, containing all the facilities and comforts available in Las Vegas Metropolitan Area. The population estimate of Las Vegas City as per 2008 Census is 558,353 and the combined population of Las Vegas Metropolitan Area is 1,865,746.
Las Vegas is the most populous city of the State of Nevada and the county seat of Clark County. Overall it is the 28th most populous city of the United States. Las Vegas started as a small stopover on the pioneer trails of passengers to the west, and became a popular railroad town in the early 1900s. The gambling trade was legalized in 1931 and with the completion of Hoover Dam resulted in the population growth and tourist flow. Also with this dam, the largest man-made lake - Lake Mead - was made as reservoir, 30 miles south east of the city.
Casino hotels flourished like anything and today an entire street - Las Vegas Boulevard, popularly known as Las Vegas Strip - is filled with world-famous Casinos, Inns and gambling dens. It extends partly in the Las Vegas City limits and mainly in the unincorporated communities of Paradise; Winchester and Enterprise. Las Vegas has become a popular setting for films and television programs and the outdoor lightings illuminate the Las Vegas Strip. Viewed from the space, the Las Vegas Metropolitan Area is the brightest spot on Earth.
With population growth in Nevada and especially Las Vegas city, for its billions of dollar gambling and entertainment businesses in the 20th Century, Las Vegas became the most populous American city created, which distinction was held by Chicago in the 19th Century. When the US Real Estate boom was in vogue, home buying activity by the speculative investors was at its peak.
It caused inflated property prices at Las Vegas, which soared to never-before heights. But once the bubble was burst by the foreclosure crisis, the scenario changed dramatically. Nevada State and Las Vegas city were heavily hit by the foreclosure activity. Nevada State attained the infamous number-one spot, among the top ten States of US, in turning out foreclosure filings in large numbers.
In the first six months ended June 2009, a total of 68,708 properties were reported for foreclosure filings. The highest foreclosure rate of one in 16 housing units receiving a foreclosure filing was reported, a huge 61% increase from the first half of 2008.
As a result, Las Vegas foreclosures, NV, make available 53,681 properties as of now, at an average price of 6,800, as against the median price of 1,054 of secondary homes. Thus Las Vegas foreclosures properties lead investments made now into larger gains in future.
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