Midst rising costs for energy and...well...everything else, it is beginning to get some attention today on the wall street pundit shows, that declining real estate prices and valuation will mean a decline in municipal revenues exactly at a time when they do not need it.
This will result in rising taxes or declines in services or staff or both. While Michigan and Ohio have gotten the worst of it in the Midwest, it seems that Illinois and Wisconsin may be only slightly affected.
That being said, the four big electoral states, Florida, Texas, California and New York ----the first three are heavily affected by the foreclosure crisis and it must be assumed that the political pundits will have to posture a solution to the mortgage crisis if they hope to gain power. I do not hear anyone suggesting a bank foreclosure holiday. it seems to me that it will be hard to fashion a solution midst the passion of a national election. It is radical. However. I do believe that a foreclosure moratorium will be the only thing that works. Only a time out will allow the slow as molasses governmental units to catch up to the problem.
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