Tough luck.

Home sales for the last quarter of 2008, here in Williamson County, were the lowest they've been in five years -- and home prices have reverted to 2005 levels. That means that (a) people who need to sell their homes are having trouble doing so, and (b) many of them are struggling to break even, if they're lucky enough to find a buyer. All of this contributes to higher foreclosure rates.


Meanwhile the unemployment rate in Texas has seen a huge upswing and is now at 6.4%. Texas lost almost 76,000 jobs in January alone. This too contributes, of course, to higher foreclosure rates.

As of January, the foreclosure rate in Texas is 1 in every 967 mortgages. Not as bad as states like California and Nevada -- but still bad.

Now, most conservatives will say "Tough luck" to these homeowners who find themselves facing foreclosure. My conservative friends say "It's their own fault for getting in over their heads."

But the homeowner who just lost her job didn't do anything wrong. And neither did the homeowner who still has a job and needs to relocate, but can't find anyone to buy her house.

And maybe conservatives ought to step back and think about how this effects them. More foreclosures means fewer people who will qualify later to buy homes (their credit will no longer be good enough). It also means fewer people able to get loans for other major purchases. It also means more pressure on banks to tighten their lending practices (because they're carrying too many defaulted loans), and that means less buying power even for consumers who didn't foreclose. It also means fewer loans for business start-ups. In short, all of this is bad for the local economy.

We all suffer, because we're all economically interconnected.

But John Carter doesn't get it. Despite all this, last Friday John Carter voted no on the Helping Families Save Their Homes Act of 2009. Luckily, the Act still passed (no thanks to you, Mr. Carter). Apparently, John Carter says "Tough luck" to those homeowners who have lost their jobs, or who can't find buyers. And he also says "Tough luck" to the rest of us, too, who are negatively impacted by this upsurge in foreclosures.

What's the proper response to this? Well, John Carter will be running for reelection in 2010. It seems only fitting that we all get together on Election Day to tell him "Tough luck."

Vote no on John Carter in 2010. He's no good for Texans.