Recently I engaged in debate on Delaware Politics Dot Net with a liberal who disagreed with me about Delaware's projected revenue shortfall. He points to DEFAC numbers that projected only a $65 million budget gap this year.
Gov. Markell's budget is now trying to come to grips with a shortfall it estimates at $216.4 million, or more that three and a half times the DEFAC estimate.
We projected at the time that a sharp increase in foreclosures would depress property values further and depress revenues from Delaware's property transfer tax. So far, it seems we're right. And we're just getting the year started.
It will likely get worse.
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