On Thursday, Stockton, Calif., became the biggest U.S. city ever to file for bankruptcy. But the real worry is how many other cities could be headed in the same direction, because the problems that busted Stockton are everywhere these days.
During the heady days of the real estate bubble, many congregations took out 5-year loans to refurbish and enlarge their churches. Now, with balloon payments due, real estate values down, and refinancing not an option, church foreclosures have hit record highs.
Balancing the budget isn't just a federal problem -- it's a state one, too. The Great Recession resulted in some of the lowest state revenues in years, and some of the biggest budget shortfalls ever -- in some cases, into the billions of dollars.
Atlanta's Bank of America Plaza is one of the 10 tallest structures in the U.S. And thanks to troubles at its namesake bank and other one-time tenants, the skyscraper could be one of the tallest foreclosure tales of the financial crisis.
