Showing posts with label Bus Econ 2007 The Great Recession. Show all posts
Showing posts with label Bus Econ 2007 The Great Recession. Show all posts

Wednesday, February 16, 2011

Kevin Dayhoff - Soundtrack: Church Foreclosures Surge, Seen as 'Next Wave' in ...

Kevin Dayhoff - Soundtrack: Church Foreclosures Surge, Seen as 'Next Wave' in ...: "Fox News| The Wall Street Journal January 25, 2011 http://www.foxnews.com/us/2011/01/25/churches-end-nigh/?intcmp=prn_baynote-js_Churc..."

Fox News| The Wall Street Journal January 25, 2011



ROSEVILLE, Calif.—Residential and commercial real-estate owners aren't the only ones losing their properties to foreclosure. The past few years have seen a rapid acceleration in the number of churches losing their sanctuaries because they can't pay the mortgage.

Just as homeowners borrowed too much or built too big during boom times, many churches did the same and now are struggling as their congregations shrink and collections fall owing to rising unemployment and a weak economy.

Since 2008, nearly 200 religious facilities have been foreclosed on by banks, up from eight during the previous two years and virtually none in the decade before that, according to real-estate services firm CoStar Group, Inc. Analysts and bankers say hundreds of additional churches face financial struggles so severe they could face foreclosure or bankruptcy in the near future.

20110125 Fox WSJ Church Foreclosures Surge

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Wednesday, August 11, 2010

Gus G. Sentementes, The Baltimore Sun: Western Maryland hit harder by recession

Western Maryland hit harder by recession

Northrop Grumman, Kongsberg Automotive closures add to woe

www.baltimoresun.com/business/bs-bz-western-maryland-layoffs-20100808,0,6561796.story

baltimoresun.com

By Gus G. Sentementes, The Baltimore Sun

August 8, 2010 www.baltimoresun.com/business/bs-bz-western-maryland-layoffs-20100808,0,6561796.story

Two well-paying blue-collar employers in Washington County are shuttering their businesses, adding to the woes of this Western Maryland county that already has a jobless rate among the highest in the state.

The soaring unemployment rate is a painful step back for a county that has tried in recent years to diversify its economy and attract new, high-technology businesses to the area. Known as "Hub City," Hagerstown has been at the center of a regional economy for years, with its highway connections and rail lines offering trucking and distribution companies easy access.

But over the past three years, the weakening economy has bled the Hagerstown area of jobs, mainly related to construction and manufacturing. In 2006, Washington County's unemployment rate averaged about 4.4 percent. In June, it stood at more than 10 percent and has been as high as nearly 12 percent this year, while the state's hovers just above 7 percent.

And just this past week, the county was reeling from news that two employers — a Northrop Grumman airplane maintenance facility and auto parts maker Kongsberg Automotive — plan to close, putting more than 100 people out of work…. www.baltimoresun.com/business/bs-bz-western-maryland-layoffs-20100808,0,6561796.story

[20100808 Sun Sentementes Western Md hit harder by recession]
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Kevin Dayhoff Soundtrack: http://www.kevindayhoff.net/ Kevin Dayhoff Art: http://www.kevindayhoffart.com/
My http://www.explorecarroll.com/ columns appear in the copy of the Baltimore Sunday Sun that is distributed in Carroll County: https://subscribe.baltsun.com/Circulation/