Prince William County Supervisors need to account for this phenomenon. What is the difference between the Counties? What accounts for this horrific occurrence of foreclosures which will most likely have lingering effects for a decade? Plain and simple, it’s the immigration resolution. The sooner Supervisors recognize this fact the faster we could turn this thing around. They have the power to stop the hemorrhaging but will they act on it? Do they prefer to see property values decline, real estate assessments plummet and the County’s budget completely destroyed? Perhaps so.
In my opinion, a more prudent course of action would be to not give anybody further reason to abandon a home. There’s never been a complete cost benefit analysis and it’s becoming pretty evident that any perceived savings from drops in ESoL enrollment have been more than off-set by devastating losses in our residential real estate market. These losses are causing extreme economic hardship among home owners who planned to use their home equity to finance their kid’s education, retirement or financing for business operations. Eventually, we will hit rock bottom but at what cost?