What Happens in Vegas...

Slumping Las Vegas market shows where U.S. housing is headed
Contrary to the slogan, what happens in Vegas may not stay in Vegas, at least when it comes to the housing market in the Nevada city.

"Some people have seen their home values soar, but a lot of them refinanced to pull out that equity and spend it on cars or gambling," he said.

Seriously? People gambled their winnings? In Vegas? And I'm supposed to believe this is true without some clear supporting evidence? Let me guess. The argument is that homeowners used their homes like giant ATMs. I find that very hard to believe.

Too much gambling, even for Vegas
Casinos have offered ATMs for more than a decade, although these devices weren't subject to regulatory oversight because they don't interact with slot machines or casino accounting systems, the way the kiosks would have.

See. The ATMs were already in the casinos. It makes no sense. Further, a year ago we were seeing the following in the headlines.

In Vegas real estate, the house always wins
IT'S NEARLY IMPOSSIBLE to have a real estate bust in a city of 1.8 million people and in which 60,000 jobs will be created this year.

The house always wins. Always. You've gotta hand it to the especially bold use of the uppercase on that one to stress the point. Nicely done.

During the 1980-81 recession, there were boarded-up homes in every Vegas neighborhood. Then Steve Wynn opened the Mirage — the first hotel casino built along the Strip in more than 15 years — and the city began to reinvent itself, a process that continues.

The house almost always wins apparently. Almost always.