And how many of those houses are in foreclosure?

Lettin’ the cat out of the bag is a whole lot easier ‘n puttin’ it back in. Will Rogers

That’s what we need: a President that can identify with the people - and we with him.

John McCain, the Senior Senator from Arizona and Presidential hopeful had to check with aides to know how many homes he owns. It’s official; he has seven residences. Well, maybe not. The Chicago Tribune has reported eight, and ABC News says 8 or 10 depending on how you count them. (See some of them on ABC News.) My home in Des Moines has seven rooms if you count the bathroom. Now don’t get me wrong. I don’t want 7 residences - too much vacuuming.

The US Census estimates that in 2005 there were 110 million households in the US for the population of 300 million people. In the same year there were 124 million housing units to hold those families. If that sounds like too many units, remember that many people have two residences, some more than two, at least one person has 8 or 10, but many have none. I have two of those housing units (a home in Des Moines where I live and an apartment in Grinnell where I work). I didn’t have to check to be sure of it. How about you? Have you lost track? Most of us haven’t.

Iowan Herbert Hoover ran for President in 1928 and while he might have implied it, he did not use the slogan, “A chicken in every pot and a car in every garage.” However, during his successful Presidential campaign 80 year ago, a chicken in every pot and a car in every garage was the expectation.

You know, that’s what we need today - some good campaign slogans. How about this for a winner?

“Seven housing units in your real estate portfolio and a Biscotti Cheesecake for dessert.”

You’ve got to admit it. It’s catchy. Just imagine the real estate boom if we all were privileged enough to own seven homes. That would surely get us out of the economic doldrums.

A question comes to my mind. How many of John McCain’s seven homes are in foreclosure?

In 2007 Iowa had the 9th highest foreclosure rate nationally, but we are doing a lot better in 2008. RealtyTrac provides the July 2008 figures and Iowa is now 42nd highest - much better. Nevada leads in foreclosure rate followed by California, Florida, Arizona, Ohio, Georgia, and Michigan. Nationally the May 2008 foreclosure rate was the highest in history - 1 in every 483 households was in some stage of foreclosure filing in that single month. (There was monthly improvement in June.) The trend for the nine quarters beginning in 2006 is revealing - more than tripling in 24 months. In real numbers for 2007 the national rate was slightly more than 1% at 2.2 million foreclosures. Another 1.4 million were added in the first half of 2008.

Bankruptcy rates offer interesting insights into the national condition too. According to USA Today seniors are declaring bankruptcy at previously unseen rates, primarily because of medical expenses. Locally Steve Conard of Compass Financial Services in West Des Moines reported to KCCI that even families with respectable incomes are experiencing trouble because of home equity lines and credit card debt. Overall, Iowa (at 33rd highest in bankruptcy rate) is doing better than most of the country.

It’s a difficult time for the nation, but apparently not that difficult a time for those at the wealthiest end of the financial spectrum. And for the neighbors of John McCain, there are some positives too. After all, if he is gone from home, it is quiet in the neighborhood, and if he is home, how noisy can a 72 year old be? It’s still quiet in the neighborhood. It’s always good to look on the bright side.

photo by flickr by sloomis08

James is James G. Lindberg (Jim) is the Purple Wren’s sweetie and is a visiting chemistry professor at Grinnell College and retired from Drake University.
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