Wednesday, August 22, 2007

Subprime Mortgage Failures Could Impact Local Communities

Doug Miller, writing at Keller City Limits, compares the current problems with subprsime mortgage foreclosures with the avings and loan failures of the late 1980's and then expresses concerns regarding the potential impact on local communities:

If the foreclosure rate continues to escalate in NE Tarrant County, it will bring property values down significantly as banks unload their foreclosures on an already saturated market. D/FW, and NE Tarrant County in particular rank in the top ten in the nation in foreclosure proceedings.

This will negatively impact the budget of every city, county and school district in the area. Before the elected leaders of our area decide to go on another spending spree we need to think wisely about the future of our economy before doing so.

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