In The News: Department of Economics
The cost in lives and property from megafires is growing as more Americans build homes in or around forests and woodlands.
Paradise, California had long prepared for wildfires but only in its worst nightmares did it imagine the kind of “megafire” that last week destroyed most of the town and is becoming a common occurrence in the state.
Economists know that the prices of houses tend to drop in the aftermath of a nearby wildfire. But a new paper reveals good news for those who have invested in vulnerable woodland property: Unless you can literally see the fire scar from your home, these prices rebound within a couple of years.
A ruined view following a wildfire affects property values, but only because it's a painful reminder of risk, economists find.
Homes regain value in less than two years, study says
A recent study finds that some of the West’s most fire-prone areas — densely forested, scenic landscapes — are also some of its most desirable.
More people than ever want to live on the wild edges of Western cities, despite the risk wildfires pose to their homes. A recent study by researchers at the ҳ| 鶹ýӳ, found that wildfires drive down real estate prices only in the immediate aftermath of a disaster. Home prices in burned areas typically rebound to pre-fire levels within one to two years.
More than two-thirds of Nevadans live in a federally designated Primary Care Health Professional Shortage Area.
The local economy is looking strong in Southern Nevada, but that doesn’t mean businesses shouldn’t prepare for the worst. Stephen Miller, director of UNLV’s Center for Business and Economic Research, shared a positive message during his “End of the Year Economic Update” at the Henderson Chamber of Commerce networking breakfast last week.
Her mother is a blackjack dealer at Caesar’s Palace, one of the mega-casinos on the Las Vegas Strip, while her father works in housekeeping at another. Han, 25, grew up in Las Vegas, but went to college in the Bay Area and spent a year there working as a biochemist.
Las Vegas’ mortgage delinquency rate dropped in the past year and is lower than the national average, a new report shows.
Wildfires have been ravaging the eastern coast of the United States this summer, but the risk of having your home destroyed in a blaze hasn’t prevented home buyers from purchasing in at-risk areas, according to a recent study.