2010 Isn’t Looking Good For Incumbents
Most non-political-wonks tend to “vote their pocketbooks,” which means this really doesn’t look good for the party in power right now (emphasis mine):
About 9.6 percent of borrowers were delinquent on their mortgage during the third quarter, according to the survey, and another 4.5 percent more were somewhere in the foreclosure process. Overall, about 14 percent of mortgage loans or 7.4 million households were delinquent or in the foreclosure process during the quarter, according to the group.
That is the highest level recorded by the survey, which has been conducted since 1972, and is up from about 10 percent of borrowers who were in trouble during the same period last year.
If unemployment rates peak by the middle of next year, foreclosures could reach their highest levels by the end of the year, Brinkmann said. But even after peaking, foreclosure rates are likely to remain elevated as borrowers in regions that have had steep price declines and now owe more than their home is worth continue to struggle, he said.
Looks like voters really won’t be in any mood to vote for incumbents of either party in November 2010. While that is bad for the GOP, it’s worse for the Democrats, because there are more Democrat incumbents, and there’s also more Democrats in vulnerable districts, including districts that voted for the Democrat for Congress but McCain for President.
2010 could really be a big GOP year… everything seems to be pointing in that direction, at least.