August 17, 2007

Consequences of putting all your eggs in one basket

Nancy Dallas reports on Lyon County budget shortfalls and quotes Interim County Manager Bob Hadfield, who says, despite the entrance of Lowes and Walmart into the equation, the decline of the housing market spells trouble:

“Within the housing market, it does not look like we will be receiving a growth boom in the near future. Based on that, we can’t expect the sales tax revenue to increase. A large portion of that in the past was driven by the housing boom.”
“This is a beautiful area. It will still be attractive. We have some very nice developments on the drawing board. We are still building some houses in some areas. But we have got to get some jobs in this county to support this workforce because we cannot survive on houses alone. It will not work. We cannot be just a housing area for the rest of the region.”
Yep. That just about says it all.


texex said...

It's been described that we won't see the housing bubble 'pop', just 'fizzle' out. This month in Douglas County we had the first properties sold for the non-payment of taxes in 15 years.


cls said...

At least Douglas has some good shopping and can rely on that a bit to soften the blow. Lyon County? Nothing, though we've be begging for it. Almost all the major retail out here centers around building, dollar stores or hair salons.

In northern Lyon, there aren't any apparel shops at all (a few mom and pops, but I'm talking about something like Payless Shoes, Ross, etc). Yerington isn't any better and it's thirty miles away from my home in Silver Springs (no way will Fernley and Dayton residents drive the 50+ miles), so for my money, I might as well go a bit further and have some real choice in Carson/Douglas or Reno/Sparks.

Anonymous said...

Over in Carson City, they are letting folks know how to caitalize on foreclosures:

Not Your Mama said...

No shopping here either, I order everything on-line other than basic groceries. UPS loves me.

Actually I'm betting things are going to get significantly worse and friday pretty much confirmed it for me. The blubberheads on the news made a lot of "the markets recovering" after the rate cut but what really happened is the markets made a very shallow recovery of some losses even with options expiring, was mainly shorts covering and some bargain shoppers. Money is scared and is going to force the fed into further cuts which will fuel can see where it's going. We're running about a half inch from a full blown panic.
I mean come on, people sold off freaking commodities for cash to cover, we're in deep poop.