Few Americans have suffered as much from the housing crisis as has John McCain.
While the liberal media and the Democrats have jumped all over McCain for owning at least eight homes (and for not knowing how many he owns), the terrible toll that the housing crisis has taken on McCain and his wife Cindy has been completely ignored.
It is time to recognize the McCain’s losses.
The eight homes that (so far) have been identified as owned by McCain family are:
1. A 15-acre ranch in Hidden Valley, Arizona. Value = apx. $1 million.
2. A condo in Phoenix, Arizona. Value = $4.7 million.
3. A condo in The Coronado in San Diego, California. Value = $2.4 million.
4. Another condo in The Coronado San Diego, California. Value = $2.4 million.
5. A condo in La Jolla, California. Value = $1.1 million.
6. A three-bedroom condo in Arlington, Virginia. Value = $847,000.
7. Another condo in Phoenix, Arizona. Value = $730,000.
8. Yet another condo in Phoenix, Arizona. Value = $830,000.
Now, if we take the above-noted values of the properties (which, let’s assume, are based on pre-housing crash figures) and then subtract the percentage decline in housing prices over the past year (using the latest Case-Schiller Index for the nearest city), we get the following numbers:
Total McCain property values in Arizona = $7,260,000.
Last Year’s Loss in Property Value in Phoenix = 27.9 percent.
Total McCain Property Value Loss in Arizona = $2,025,540.
Total McCain property values in San Diego/La Jolla = $5,700,000.
Last Year’s Loss in Property Value in San Diego = 24.2 percent.
Total McCain Property Value Loss in San Diego/La Jolla = $1,379,400.
Total McCain property values in Arlington, Virginia = $847,000.
Last Year’s Loss in Property Values in Washington, D.C. = 15.7 percent.
Total McCain Property Value Loss in Virginia = $132,979.
Total McCain Property Value Loss for 2007-2008 = $3,537,919.
Of course, John McCain may own more than these eight homes. In that case, the calculation of McCain’s losses would have to be increased.
We think, too, that the above valuation figures for McCain’s properties are probably too low. For example, McCain’s 15-acre ranch should probably have been valued at more than $1 million. Again, this means that McCain’s losses are larger than the $3.5 million figure we’ve calculated.
As these (admittedly conservative) figures show, John McCain has lost more than $3.5 million dollars, just this year, in the housing crisis.
How many Americans can say that they’ve suffered that much?
He may not have mentioned the housing crisis, the credit crisis, the mortgage meltdown or the foreclosure explosion in his speech at the Republican convention, but that doesn’t mean that he doesn’t care or doesn’t get it.
America, John McCain shares your pain.