US Housing Crisis
November 28, 2007
US mayors met recently in Detroit to discuss the current housing crisis that has gripped the US economy for the past several months. The recent surge of foreclosures has caused plummeting property values, the primary means of tax revenue for local and state government. The mayors met on Tuesday to garner support from lending institutions and mortgage companies to try stem the tide of foreclosures. It remains unclear whether or not the proposals will have an effect.