Gambling & The Housing Market

One of the "The biggest price increases in the HPI during the past year occurred in Nevada, with a 4 quarter increase of 31.2 percent" (HPI = Housing Price Index) OFHEO Report. What is Nevada known for? Gambling. How appropriate. In some markets the housing market has become a new form of gambling. Las Vegas is not only gambling on money but housing stock as well. When the economy takes a hit, one of the first things that gets hit hardest is tourism. Las Vegas has profitted tremendously off of the reckless consumer spending and will be one of the hardest hit areas when the consumer spending takes a dive.