Mortgage crisis affects states and cities nationwide
Tue Jan 1 2008 10:12 am
by Bob Morris.
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.
Posted in: Credit crisis.
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