Church foreclosures are at an all-time high. Since 2008 more than 200 churches and other religious organizations have faced foreclosure, according to real estate services firm CoStar Group. In the decade before 2008, church foreclosures were rare, averaging less than 10 per year.
Tim Trainor, a spokesman for CoStar, said 2011 is so far the worst yet, including the "highest dollar volume" ever in the second quarter of 2011, when 20 properties totaling more than $27 million went into foreclosure.
These foreclosures are likely just the tip of the iceberg. No one really knows how many churches not officially in foreclosure are on the brink. Take, for example, The Church at South Las Vegas. The church started in 2001 by Pastor Benny Perez now has more than 4,000 in regular Sunday morning attendance. But the church also has a $53,000 per month mortgage payment, and it can't sell any of its real estate because that real estate is now worth at least $5 million less than what the church paid for it.
Read it all.
Filed under: * Christian Life / Church Life • Parish Ministry • Stewardship • * Culture-Watch • Religion & Culture • * Economics, Politics • Economy • Housing/Real Estate Market • The Banking System/Sector • The Credit Freeze Crisis of Fall 2008/The Recession of 2007--
Posted December 19, 2011 at 6:35 am
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The URL for this article is http://www.kendallharmon.net/t19/index.php/t19/article/40280/
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3. Clueless wrote:
It would seem that the best thing to do would be to “gracefully” let TEC keep the real estate, while conservatives keep the souls. December 19, 12:08 pm | [comment link] |
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4. Bob Maxwell+ wrote:
Thankfully, the Crystal Cathedral went to the Catholic diocese of Orange, not Islam or a tavern. Still ridin’ for the brand in the Rio Grande. . . .(JavaScript must be enabled to view this email address) December 19, 10:30 pm | [comment link] |
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OK, Does anyone else see the stupidity in TEC fighting to KEEP expensive real property when the foreclosure rate is zooming upwards? SO this is “spirit led” movement of TEC ?? There must be something I don’t understand! ..... hmmmmmmm…....
December 19, 11:24 am | [comment link]