In The News: Department of Economics
When the United States was in the midst of a fight against inflation in mid-2022, Nevada Republican US Senate candidate Sam Brown had an idea he said would have stopped inflation in its tracks — but one that also could have prompted a recession.
Nicholas Irwin, Associate Professor of Economics at 51³Ô¹ÏºÚÁÏ joins S.E. Cupp on Episode 2 of Battleground! Nicholas expands on the cost of living in NV, how it's impacting voters, and the crazy reality of rent & mortgage prices.
With mortgage rates at a 20-year high and many homeowners locked into low rates they nabbed during the pandemic, fewer existing houses are selling in Southern Nevada and homebuilders are offering more incentives to get buyers into new homes.
The Las Vegas Valley could run out of land to build houses in as little as eight years, and this is definitely cause for concern, the leader of the region’s homebuilders association said.
If you're a renter, chances are your rent has increased in the last year. According to Redfin, the median rent in Las Vegas is about $1,500, while the national average is just over $ 1,600.
The CEO of Red Lobster's parent company said he will never eat lobster again after the chain was forced to file for bankruptcy days after closing 100 locations. Thiraphong Chansiri, 58, is the CEO of Thai Union, a Thailand-based producer of seafood based products that owns a 49 percent stake in Red Lobster.
Investor purchases are on the rise again, and the Las Vegas Valley has seen one of the biggest upticks in the country, according to Redfin.
Red Lobster has filed for Chapter 11 bankruptcy protection days after shuttering nearly 100 restaurants across America. The seafood chain, which has closed restaurants in 27 states, has been struggling with rising lease and labor costs in recent years and also promotions like its iconic all-you-can-eat shrimp deal that backfired.
Red Lobster promised customers an endless supply of shrimp for $20 — a gamble the struggling restaurant chain hoped would help pull it out of its pandemic doldrums. But Americans, and their appetites, had other plans.
As the real estate market squeezes out potential home buyers in Southern Nevada, many are facing a greater challenge, true affordable housing. There’s a concerning shortage that continues to expand.
In most presidential election years, home prices aren’t a key issue for voters or a major campaign talking point. Consider it another way in which the 2024 election is anything but typical. With mortgage rates up and home prices out of reach for many first-time buyers, the affordability crisis is increasingly in the spotlight as campaign season heats up.
Condo and townhome prices in Southern Nevada reached an all-time high in April 2024. Single-family homes have priced many out of the market as well. Experts said the cost is driven up by a myriad of things including low inventory and cash investors.