Considering the so-called experts considered Northern Virginia as essentially bubble-burst proof, what with the turnover Congress endures every 2 years, not to mention the military every day -- and it may yet still be the case in Arlington/Alexandria counties (I haven't looked at the numbers), this is mighty cold water for 1st-time home-owners who put little money down and instead signed up for sublime-to-ridiculous interest rates on their home mortgages.
In 2005, Loudoun County recorded a total of 12 home foreclosures. Thus far in 2007, there have been 643.
The reality of growth and wealth is that almost nobody in Loudoun really feels like they're living in the wealthiest county in the country. Because we're not sharing in it.
Could it be that suddenly, the voters on what was supposed to be the explosive front of the Republican "permanent majority" realized that the idea all along was for the super-wealthy to grab all they could, and leave the wanna-bes -- who were voting their aspirations if not necessarily their reality -- out in the cold?
The Loudon County board, up to yesterday, was run by Republicans. Yesterday, it went Democratic.
Irrational exhuberance indeed.