(WSJ) The Number of Religious Facilities Unable to Pay Their Mortgage Is Surging

Posted by Kendall Harmon

Residential and commercial real-estate owners aren't the only ones losing their properties to foreclosure. The past few years have seen a rapid acceleration in the number of churches losing their sanctuaries because they can't pay the mortgage.

Just as homeowners borrowed too much or built too big during boom times, many churches did the same and now are struggling as their congregations shrink and collections fall owing to rising unemployment and a weak economy....

"Churches are the next wave in this economic crisis," says Rev. Jesse L. Jackson Sr., president and founder of the Rainbow PUSH Coalition, a non-profit civil-rights group, who works with pastors around the country to help churches negotiate better terms with their bankers.

Read it all.

Filed under: * Christian Life / Church LifeParish MinistryStewardship* Culture-WatchReligion & Culture* Economics, PoliticsEconomyHousing/Real Estate MarketThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--* International News & CommentaryAmerica/U.S.A.

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Posted January 26, 2011 at 11:17 am [Printer Friendly] [Print w/ comments]
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