Wealthy areas feel subprime pain too
Bob Morris @ Dec 28th 2007 10:35 - Category: Credit crisis Tags: Loundon county
This from Loundon County VA, one of the wealthiest counties in the nation. Real estate taxes fund 72% of their budget but values dropped 10% last year with more drops predicted. Now they have a budget shortfall of $251 million. Foreclosures are up dramatically too.
Now imagine what it must be like for counties with far less money and resources…
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