Washington

Foreclosure ‘Crisis’ Will Hit New York, Los Angeles, Dallas Hardest in 2008: Report 

A report released today by the U.S. Conference of Mayors casts a gloomy picture for 2008 and the nation’s housing markets, saying that increasing foreclosures in key metropolitan areas across the United states will drive economic losses equaling $166 billion. The report projects that the foreclosure crisis will result in 524,000 fewer jobs being created next year and a potential loss of $6.6 billion in tax revenues in ten states.