On the recordFebruary 9, 2012
when our Nation's economy was thriving, Nevada was at the heart of the construction boom. Buildings and homes were going up across the State. Neighborhoods were growing, schools were being built at record rates, and the construction industry was flourishing. All of this activity drove investments into other areas of the economy, and for many life was good in Nevada. But when the crisis hit, the highs that my State experienced were matched by the lows that followed. Nevada now leads the Nation in unemployment with more than 160,000 Nevadans looking for a job. Many can no longer afford their homes. Nevadans are being forced into bankruptcy and facing foreclosure. While Nevada is home to some of the most resilient, hard-working people in the country, almost one-quarter of Nevadans are so frustrated that they have simply given up hope for better employment. Much of the difficulty Nevadans are experiencing can be traced back to the crisis in my State. The ill effects of the depressed housing market are widespread. High rates of foreclosures are devastating to families, neighborhoods, and entire communities. Families who have been foreclosed upon are already having a hard time paying their bills. Add to those difficulties the time spent finding a new place and the costs of moving and their problems are compounded. Time spent fighting the bank to avoid foreclosure and relocating would likely be better used to find a job or better paying employment.…
