Home prices in Las Vegas are down by 60 percent from 2006 in one of the steepest descents in modern times. There are 9,517 spanking new houses sitting empty. An additional 5,600 homes were repossessed by lenders in the first three months of this year and could soon be for sale.
Yet builders here are putting up 1,100 homes, and they are frantically buying lots for even more.
Las Vegas is trying to recover by building what it does not need.
as market hits 7 mo low, question for the board.
mom is 63 and has fidelity 401K in a pool of mutual funds. last statement down $12k from the previous and i'd like to see her roll it into something less risky (if not completely out). she is in process of selling a house and doesn't need the money now (could wait 2-5yrs) but she also really doesnt want to lose more, is working less and will not be working when she moves.
should she bail entirely? ride out the market for a few yrs?
what would be a safer, alternative investment or savings plan to roll into?
appreciate anyones 2 cents here and happy to answer questions since i realize this was a rather vague description of her situation.
thanks guys and BOL with your wagers, puts, calls, moneylines, etc
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