The Wall Street Journal noted this morning that the “proportion of U.S. homeowners who owe more on their mortgages than their properties are worth has swelled to about 23%.”
Virginia is slightly above the national average at 23.8% and currently ranks 7th in the nation in the percentage of underwater homeowners.
The good news is that we’re not Nevada (65%), Arizona (48%) or Florida (45%).
Things are so upside down in Nevada that the total mortage debt of $132 billion actually exceeds the total property value of slightly less than $117 billion.
But if you’re interested in knowing why many Virginians didn’t seem to care too much about the Democrats’ arguments this fall that we’re the best managed state, the most business- friendly state and the best state to raise a child, the underwater numbers are a pretty good place to start.
It may also be why Deeds’ pledge to consider an immediate tax increase for transportation helped to sink his own campaign.
If one in four mortgage holders are drowning at home, they’re unlikely to be interested in paying more on the road.
The large proportion of underwater homes in Nevada is not surprising: after all, it has the mecca of gambling.
Yeah, Deeds wanted to consider increasing the fuel tax to raise the revenue needed. Let us wait and see how much chance the more unrealistic McDonnell plan has of getting passed.
When Virginia’s voters where faced with the choice between reality and the fairy tale, they chose the fairy tale. You too can get everything you want without paying anything more and expecting all the other potential voters to stay home on election day!
It seems like an bad idea to raise taxes when the real unemployed rate is 17% and people are wondering whether they will be working next week. Why is anyone surprised that the Deed’s message was viewed as an Epic Failure.
You might consider a correction … Nevada’s values should be reflected as billions not trillions … the mortgage debt for single family homes for the entire U.S. is estimated at $14.5 Trillion in 2007
you’re right- thanks for the correction