Home
Small town hit by housing crisis
Kyrgyzstan News.Net
Tuesday 22nd July, 2008
The mortgage crisis has hit the small town of Vallejo, near San Francisco.
While the non-profit Vallejo Neighborhood Housing Services are trying to work with lenders to stave of foreclosures, the housing bust and credit crunch has made it hard for the town to balance its budget.
Vallejo's closely watched Chapter 9 bankruptcy filing in federal court in Sacramento may be a warning sign to other cash-strapped municipalities.
Vallejo's lawyers say the city faces a $17 million deficit and cutbacks in public services for the fiscal year which began on July 1st.
When the mortgage crisis struck last year, the weak housing market throttled Vallejo's revenue growth to 3%, while labor costs for the city's police officers and firemen rose 11%.
Vallejo has cut 87 jobs and slashed funding for parks, a library, a senior citizens' center and other public services
 Email this story to a friend
Have your say on this story
|
 |
 |
- Seven killed in China road accident
Guiyang (China), Oct 11 (Xinhua) At least seven people were killed and 22 injured Saturday when the truck in which they were travelling overturned on a highway in China's southwestern province of Guizhou, officials said. [read story]
- Death toll in Pakistan blast climbs to 55
Islamabad, Oct 11 (Xinhua) The death toll in the blast which hit a jirga, or tribal elders' meeting, in northwestern Pakistan's tribal region Friday has climbed to 55, local TV reported Saturday. [read story]
- India-Asia continental clash may have caused long term cooling in Earth's climate
Washington, Oct 11 : A new study has suggested that the collision between India and Asia set off events that likely caused long-term cooling in Earth's climate. [read story]
- 'Anarkali' dresses a hit as Malaysian Indians go Diwali shopping
Kuala Lumpur, Oct 11 (IANS) Elegant 'Anarkali' churidar-kurta women's dresses in layered fine cloth, a throwback to India's Mughal era, are becoming a big draw with Malaysian Indian women as they begin shopping for Diwali. [read story]
- Three new universities to be set up in India for NRIs
Singapore, Oct 11 (IANS) India plans to set up three new universities for Non Resident Indians and Persons of Indian Origin, Minister for Overseas Indian Affairs Vayalar Ravi said Saturday. [read story]
|
|
 |
 |
|
|
