Mortgage crisis affects states and cities nationwide
Bob Morris @ Jan 1st 2008 10:12 - Category: Credit crisis
Property tax collection and sales tax revenue is down nationwide, a direct result of the housing collapse. Even municipalities that assumed a slowdown was coming were unprepared by the size of it.
Budgets will be slashed, projects won’t be funded. The worst hit? California, with a $14 billion projected deficit.
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