Sunday, March 23, 2008

'Ring of Ruin'

This Sunday's Washington Post leads their Metro section with yet another heartbreaking story about the sad, sad shape of the housing market in Prince William County.

Last fall with her tiny blog, Howling Latina tried to exhort her fellow Dems to hold Republican politicians in Prince William County accountable for the current real estate meltdown.

To her, it seemed the huge elephant in the room that EVERYONE was ignoring was the inescapable link between over-the-top massive hysteria by GOP politicians over immigration in Prince William County and the county's disastrous housing market.

As the surge in foreclosures continues and banks repossess more and more houses, property values are declining -- but not everywhere, and not by equal measure...


But drive with Thompson through the hardest-hit areas of Prince William County -- the epicenter of the region's foreclosure trouble -- and the loss of value has been precipitous. "That one's listed at $125,000," Thompson said one recent afternoon, sizing up a dowdy green rambler in Manassas Park that had been foreclosed on. It wasn't the fanciest house on the block, but it wasn't a shack. Two years ago, homes in the neighborhood were selling for $300,000 to $400,000, Thompson said.

That's right, except for the lonely article here and there, the media and Virginia's progressive blogosphere paid scant attention to the looming equity meltdown.

Not to go out too far on a limb, but the howler would be willing to gamble that most homeowners trying to sell their homes this spring and summer would cheerfully overlook the legal status of ANY prospective buyer as long as he or she had a job and a decent credit rating.

Pick up the torch Jackson Miller, Corey Stewart and Bob Marshall. Tell your constituents why you thought it was a good idea to demonize immigrants. Did you not think there might be a price to pay, oh, like a sea of foreclosures as Latinos packed up and moved in droves to friendlier communities?!?

Well, thanks to their short-sighted leadership, Prince William now leads the Metropolitan area with the most bank-owned homes.

For you "legal" bargain shoppers, Dale City, Woodbridge, Manassas/Bull Run and Manassas Park surpass all other areas in foreclosures.

Happy trails!

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