Nevada is facing from 40–60 foreclosures a day after the real estate speculators have given up and left Las Vegas. But the economic vitality of the state, while taking a hit, is still going strong.

“I think we’re going to see some slowing from the growth rate of revenues coming into the state of Nevada due to the downturn in the real estate market over the last couple of years,” Gov. Jim Gibbons told Reuters late on Thursday after chairing a closed-door meeting with bankers on the growing number of foreclosures.
“But I don’t see any major or dramatic decreases in the state’s revenue capability,” he continued. “We may have to do some belt tightening, that’s normal in this type of environment, but Nevada is still very strong. The economy is still robust and the future of Nevada looks bright.” via  Reuters

What is great for the residents of the state is that the governor has a ripe target to pick on for extra revenue and vote buying capacity. The Casino’s. Fortunately he recognizes that by providing the property owners some relief on their property taxes he would threatening to kill the Golden Goose of prosperty for the state.

Gibbons saw that property values got blown out by the speculators that invaded Southern Nevada and has decided to ride out the storm. The state of Nevada and their residents will be much better off for his patience than if he over reacted and lowered property taxes at the expense of the casino’s to save a few homeowners.

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