More Jax homeowners go underwater

"Forty-seven percent of residential mortgages in Jacksonville — 155,487 — were in negative equity in the fourth quarter, according to CoreLogic. An additional 4.8 percent, or 15,941 mortgages, were in near negative equity."

Look around the room and it is likely that almost half of the people in the room owe more on their home than it is worth.  If they could sell their house today, they would not see a profit but would owe the balance.  I was always told that your home is your greatest financial asset; not so anymore for almost half of us in Jacksonville.

According to the article, Florida is  number THREE in the NATION.   The national average is 23% and so Jacksonville, as well as Florida, is double the national average .

This problem does not seem like it is going to get any better.  According to the article, Florida home prices fell nine percent over last year and it is projected to fall ten percent in this year.

I don't know how much this will affect our tax revenue.  Logically it should mean that our tax revenue will decrease as well; leaving us with more of a shortfall if cuts are not made.

City Council elections are more and more important with every day that passes.  No more tax and spend politicians.  Spines make of Pittsburgh steel are a prerequisite for all new councilmen.