Wednesday, May 26, 2010

The budget is approved in North Las Vegas

It was said last week that North Las Vegas has approved the new tentative budget, which means that the city is going to cut some jobs. It was a hard decision for the authorities, but they say that they had to cut. The city feels the shortage of money and they had to lay off. The cuts will impact the park, city road maintenance, library and fire brigade department workers. Although they cut the jobs the shortage remains. The locals said that the new cuts should be expected. All this would immediately affect the real estate market, which is not stable at all, and will lead to the number of foreclosures and distressed property. And then, the national government will have to interfere as the local banks lending companies won’t be able to deal with the flood of problematic owners. The more people are made redundant the less they can buy houses for sale in North Las Vegas. Then the prices will drop dramatically and the situation will be drastic on the real estate market. We should only hope that the local authorities will find funds not to lay off more people in the area.