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Las Vegas homeowners who lose their homes to gambling... Gambling vs. your mortgage

By
Real Estate Agent with Summerlin, RE/MAX Excellence: . 702.321.9383

Gambling vs. paying for your mortgage.  Two different ways to look at what is happening in Vegas due to gambling.  Everyone involved is an Adult and can make their own decisions on what they do with their money so I am in no way blaming the casinos for this problem.  This is what I've been seeing and now more than ever a new trend is happening. 

Sometimes people might take their rent/house payment money and go to the casino to gamble with the idea that they will win with that money.  Still come home with what they started with and of course hopefully more.  But as we all know how much of a risk gambling is and how hard it is to just walk away.  Especially when you're losing and you think you have the ability to get it back.  Until it's all gone and then they are stuck with nothing, no money. No rent/house payment money left.  Sometimes of course it can be one or other of the spouses that is doing this while the other is unaware.  Does it sound like I know what I'm talking about?  Yes, I do I have a friend who lost a child to cancer and her get away escape was to gamble.  They ended up losing their home.  Very sad but true.

Now for the new trend. Since we are in this mess of a housing market here in Las Vegas many people have just decided to walk away from their homes.  They are upside down with what they owe and what the value of the property is.  In my opinion people should at least try to short sale.  I'm still a little confused why more people don't.  Perhaps it's because they are so upset they just don't or can't deal with the issue of leaving their home. So since they have stopped paying their mortgage they have that extra cash.  So even though we are in a recession here in Vegas, the restaurants and casinos don't seem to be hurting too too bad.  I think homeowners are just spending their mortgage dollars on entertainment and have the feeling of at least having money to have fun.

 

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