Ohio is one of those states that relies heavily on property taxes to fuel its ever bulging budget.  So it comes as no surprise that the State of Ohio is concerned that the recent downturn in the economy is going to cut into their revenue.

On a whole, property values in my city have taken a huge hit.  Homes on the market for $200,000 ultimately have sold for $170,000.  And the wait to sell is extremely long.  The house across the street from my residence sold after being on the market for nine months, and it too was sold at an extremely discounted price.
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Stretched to the point of breaking, many American citizens are coping with high fuel and food prices at a time that their largest investments (their homes) are shrinking in value.  Adding to this already stoked fire is the poor employment conditions.

Today, Government released statistics show that the unemployment rate rose from 5% in April to a whopping 5.5% in May.  This is the largest increase in unemployment since 1986.  In the month of May, employers cut 49,000 jobs.  So far this year, the United States of America has shed 324,000 jobs. Read the rest of this entry »

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