StockOrder
Joined: 28 Apr 2006
Posts: 10
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 Posted: Wed Nov 28, 2007 2:57 pm Post subject: Housing crunch's hardest-hit cities |
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| Quote: | Because of foreclosures, metro areas across the United States will feel the squeeze of lost jobs, taxes and spending power in 2008, a new study reports.
Rising foreclosures will lead to billions of dollars in lost economic activity next year in the nation's major metropolitan areas, according to a report compiled for the U.S. Conference of Mayors.
The lost spending power, declines in tax collections and loss of jobs will have an impact of more than $10 billion in New York City, the report says.
The report was released today ahead of a meeting of mayors from across the country in Detroit, where they hope to create policy recommendations to help address the nation's housing crisis.
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Read more here:
http://articles.moneycentral.msn.com/Banking/HomeFinancing/HousingCrunchsHardestHitCities.aspx
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