Richard Florida blogs on the geography of income change.
On the other hand, two states saw income losses of 10 percent or more – Vermont (-10.3 percent) and New Jersey (-10.1 percent); and incomes declined by more than five percent in two others – Georgia (-6.4 percent) and Tennessee (- 5.1 percent).
Ouch. Florida and California took big hits, too, but the hits were small relative to the base. Imagine if those states took sizeable income hits – and then the impending Option ARM crisis happened? Yikes, we’d be looking at >40% foreclosures in that market segment, and 40% is bad enough.
Voir Dire 