Nevada has been one of the hardest hit states by the recession during the last 5-years. For a state that depends heavily on tourism to keep the economy flowing, Nevada has been feeling the crunch. While many professionals suggest that the recovery is in full progress, Nevada residents facing foreclosure may feel otherwise.

A Nevada resident that lives on an affluent Las Vegas street states she was once able to name the homeowners in her neighborhood. Now that neighborhood is economically recessed, and there is a high number of vacant homes and "parade of anonymous renters." Despite national reports that the economy is in recovery, she claims the recession is continuing. There are now more houses in foreclosure in her neighborhood than there was even 1-year ago.

Nevada is the hardest hit state when it comes to unemployment, foreclosures, and rates of bankruptcies. An economist at the University of Nevada likens the state to a person wearing a lead weight. While the person jumping off the dock will eventually stop sinking, this is only because they have now struck the bottom.

The loss of construction, tourism and related business are what is leading to these high rates. Workers that need to feed their families are leaving Nevada or dropping from the work force all together. Consumers are hesitant to spend more, banks are stricter about their lending policies, and risky construction projects are falling by the way side. Many professionals feel Nevada is about a year behind the rest of the nation in terms of recovery.

Some signs of progress exist such as increased numbers at the International Airport. This is encouraging for the tourism industry. The unemployment rate has also dipped, though this dip may be due to workers leaving the state rather than finding jobs. Finally, more residents facing foreclosure than in prior years may simply be due to the backlog in foreclosure administration.

Is Nevada in a long awaited economic recovery? Yes, but there will likely be more foreclosures and unemployment before significant improvement can be felt by its residents.

Source: The Associated Press, "Is Nevada recovering? Depends who you ask," Cristina Silva, Dec 03, 2011