MORE CHURCHES face FORECLOSURE
MORE CHURCHES face FORECLOSURE
Wed, Mar 21, 2012 at 4:36 AM
-by Electa Draper, The Denver Post.
A congregation losing its house of worship, once a rare event, is
now common in Colorado — part of a national trend of record
foreclosures on churches.
The real-estate information company CoStar Group looked at five
years of distressed church sales and found only a handful of
foreclosures nationwide prior to 2008, when the number jumped to
24. In 2009, the figure was 67.
CoStar Group spokeswoman Angela Brown said the market saw
a big spike in 2010 with 135 churches sold after a lender-initiated
foreclosure. In 2011, there were 138 such sales.
The states with the highest percentages of forced church sales
often were those with some of the worst home-foreclosure rates,
including California, Florida and Michigan.
In Colorado, church real-estate specialist Todd Whittaker, president
of Service Realty Inc. in Denver, says church foreclosures occur
with some regularity now... Other congregations are trying to sell
their buildings before it comes to that.
"We're pretty active, but it's because churches are struggling,"
Whittaker said. "Their offerings are way down. Churches need to
sell. We have 10 church listings in the Denver area, when normally
we have seven or eight, and they are moving slowly. Banks are
nervous about lending to churches right now... I don't see an end
to this any time soon."
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Original Source-
http://www.denverpost.com/news/ci_20204117/more-churches-face-foreclosure-debts-
that-fall-beyond
Copyright 2012, The Denver Post or other copyright holders.
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Wed, Mar 21, 2012 at 4:36 AM
-by Electa Draper, The Denver Post.
A congregation losing its house of worship, once a rare event, is
now common in Colorado — part of a national trend of record
foreclosures on churches.
The real-estate information company CoStar Group looked at five
years of distressed church sales and found only a handful of
foreclosures nationwide prior to 2008, when the number jumped to
24. In 2009, the figure was 67.
CoStar Group spokeswoman Angela Brown said the market saw
a big spike in 2010 with 135 churches sold after a lender-initiated
foreclosure. In 2011, there were 138 such sales.
The states with the highest percentages of forced church sales
often were those with some of the worst home-foreclosure rates,
including California, Florida and Michigan.
In Colorado, church real-estate specialist Todd Whittaker, president
of Service Realty Inc. in Denver, says church foreclosures occur
with some regularity now... Other congregations are trying to sell
their buildings before it comes to that.
"We're pretty active, but it's because churches are struggling,"
Whittaker said. "Their offerings are way down. Churches need to
sell. We have 10 church listings in the Denver area, when normally
we have seven or eight, and they are moving slowly. Banks are
nervous about lending to churches right now... I don't see an end
to this any time soon."
-Please comment on this topic at the website below-
http://www.johnthebaptisttv.com/
Original Source-
http://www.denverpost.com/news/ci_20204117/more-churches-face-foreclosure-debts-
that-fall-beyond
Copyright 2012, The Denver Post or other copyright holders.
--
YES! - You have permission to post these emails to friends
or other groups, boards, etc - unless there is a Copyright
notice above which says differently.
To subscribe, please send a 'subscribe' email to-
prophetic@revivalschool.com
See our website and discussion board-
http://www.JohntheBaptistTV.com/
To unsubscribe, send ANY message to: anzac-unsubscribe@welovegod.org
To send material for consideration for publication, send to-
prophetic@revivalschool.com
MODERATOR:
Andrew Strom.
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