Last year’s economic crisis may not have hit the local housing market as badly as it did to other cities.
According to The Examiner, number of foreclosure filings in our area shot up a little less than 2 percent in 2009. That’s compared to the national average of 21 percent.
Foreclosures affect more than just people losing their homes. Homeowners who aren’t in trouble see their property values plummet when their neighbors’ homes go into foreclosure. All of that leads to less tax revenue collected by governments, which translates into budget cuts and layoffs.