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View Diary: How the Big Banks are Continuing to Syphon Wealth from Our Communities & Our Local Govenments (27 comments)

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  •  I'm not asking how underwater leads to (0+ / 0-)

    foreclosure I'm asking how underwater properties cause a city/town to lose tax revenue. The diarist claimed so then only addressed how foreclosure does so

    "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

    by eXtina on Tue Apr 02, 2013 at 01:09:04 PM PDT

    [ Parent ]

    •  Sorry I misunderstood your question. (0+ / 0-)

      It's the foreclosure crisis at large that's draining revenue from the city. Underwater mortgages are a part of the the crisis. Underwater mortgages lead to foreclosures, foreclosures lead to lower property values in the neighborhood, which leads to more homeowners being underwater (which leads to more foreclosures...) as well as a loss of revenue. Does that explain it?

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