Joint Economic Council Report on Housing
The congressional Joint Economic Committee estimated today that 2 million subprime mortgages could go into foreclosure over the next 18 months. As a result, they further estimated that states will lose $917 million in property tax revenue as housing values are depressed by the wave of foreclosures.
Sen. Charles Schumer, chairman of the JEC said in a statement that "State by state, the economic costs from the subprime debacle are shockingly high… From New York to California, we are headed for billions in lost wealth, property values and tax revenues."




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