The swing states most crucial to the outcome of the presidential election are also among the states most affected by the foreclosure crisis. But CNBC reported today on “Power Lunch” that the issue has largely been ignored by the candidates (see video above).
Mitt Romney hasn’t discussed the issue extensively since visiting Florida in January and backtracking on his initial statements that the best cure for widespread foreclosures is to let them run their course. Still, Barack Obama’s campaign is using that quote in Spanish language ads in several of the hardest-hit swing states. Paul Ryan, the GOP vice presidential candidate, has turned to critiquing the current administration for “not doing enough to correct” the housing crisis it inherited.
That’s relatively little rhetoric on the issue considering Florida, Nevada, Michigan and Ohio — the four swing states most critical to the election — rank third, sixth, seventh and eighth in the nation in foreclosure rates, according to RealtyTrac.
But CNBC noted that not only are Americans in foreclosure less likely to vote, but so too are people that live in neighborhoods most affected by the housing crisis, according to a University of California Riverside study.
Overall, 24 percent of U.S. borrowers are underwater on their homes, according to RealtyTrac. — Adam Fusfeld