Local Governments and Schools: Stand By For Heavy Rolls

As housing values fall, the homeowners are going to have their homes reassessed. And local tax revenues are going to fall as a result.

Any local government official who did not see this coming probably needs to have his or her life support withdrawn, because they are brain-dead. For a lot of local governments and school districts, most of their funding comes from property taxes. They are going to be hammered and hard.