Yes, Virginia, There Are Foreclosures

Finally, The Washington Post supplies a story on foreclosures on page A01. It's by Kirstin Downey, of course.

"'We're seeing an uptick, and it's fairly dramatic. It appears to be accelerating, and we haven't reached the peak,' said John Rust, commissioner of accounts for the Fairfax County Circuit Court."

The trickle down effect for the neighbors . . .

"If foreclosures multiply in a neighborhood, with lenders eager to dump properties for a quick sale, home prices can be depressed. The drop in prices can pull down tax assessments, giving local governments less money to pay for schools, police, parks and social services."

And the trickle down economy thing . . .

"Five unrelated people are living in a house facing foreclosure in Manassas. One of the tenants, Cristian Mendes, from El Salvador, said that the owner, who lives in the house, is losing it to the bank because his boarders have lost their construction jobs and can no longer pay rent."

Here's a new one. It seems that "everyone wants to live here" might not be ringing true:

"Now many immigrants who bought homes in Herndon are walking away from the properties, said Miguel Martinez, a real estate agent with Prosperity Realty. He said the good-paying jobs they had in residential construction have disappeared, and they can't make the payments any more. Many undocumented workers also fear anti-immigrant sentiments in Herndon, Martinez said, and worry that they or their relatives could be deported if arrested for other infractions.

'Now everybody wants to leave Herndon,' Martinez said."