Abstract
In this paper, I suggest that one creator of state-level economic inequalities is the ability to accumulate personal debt through home mortgage financing schemes. My analysis assesses the extent to which local political environments and labour market opportunities are systematically related to housing distress in the 48 continental United States. The results suggest that poor labour market opportunities, a dirth of community social capital and concentrated corporate political elites contribute to state-level housing distress. The paper concludes by arguing that easily available consumer credit reflects a flight from the economic fundamentals of tying consumption to steady jobs and productivity-enhanced wage growth. Copyright 2011, Oxford University Press.
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