A new report by Global Insight says foreclosures could drop U.S. property values by more than one trillion dollars next year. And few cities will be spared. Buyer beware. Mortgage holders beware. All Americans should be concerned.

The nation`s major metropolitan cities will lose billions of dollars in revenues next year because of the housing crisis. That`s the conclusion of a report released today from the U.S. Conference of Mayors meeting in Detroit. Also today, a separate report issued by Global Insight predicted foreclosures could reduce U.S. property values by $1.2 trillion in 2008. Half of that drop in value would come in California. Foreclosures are spreading well beyond the once hot real estate markets.

For instance, Chicago is hardly the poster child when it comes to soaring foreclosures. The city didn`t see the huge amount of investment in real estate the way cities like Las Vegas did, nor has it fallen on tough economic times the way cities like Detroit and Cleveland have. Experts say what is happening in Chicago is happening in a lot of communities. Consumers, especially in lower income neighborhoods, purchased homes with sub-prime adjustable rate mortgages. When interest rates on those loans adjusted upward, the borrowers couldn`t afford the payments and defaulted on their loans. As a result, there are entire blocks in some Chicago neighborhoods with several vacant homes.

Geoffrey Smith, research director for Woodstock Institute, has been studying the impact of foreclosures on the city. He says one foreclosure on a city block can decrease the value of properties around it by 1 percent and several foreclosures can ripple through the entire community.

The Woodstock Institute also documented that increases in foreclosure rates can lead to increases in violent crime in a community. We have also seen that increases in foreclosures have an effect on the property tax base of various communities across the region.

Hillary Clinton suggested during the January 31, 2008 Democratic debate to freeze foreclosures and to freeze interest rates. That is a start to help contain the flood of potential foreclosures.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Get Info On Macomb County Michigan Foreclosures Whether You're A Distressed Homeowner or an Investor
When it comes to preventing a foreclosure, individuals that are residing in Michigan have a few options. For example, foreclosures in Livonia Michigan and Macomb county Michigan foreclosures help to illustrate this point. This is because when looking at the statistics surrounding the rate of Macomb ... more...

Stop Your Michigan Home Foreclosures Dead In Their Tracks
The home foreclosures Michigan has to offer can be very beneficial for those who are looking to purchase homes at a very attractive price, all while helping the current owners to avoid Michigan real estate foreclosures. Michigan has unique state laws, including the regulations and options which ... more...

Foreclosures in South Florida In June 2007
First and second quarter of this year the number of foreclosures in South Florida was nearly the same but they have dropped this past month, with Miami-Dade County seeing the biggest drop-offs. There were 6,630 foreclosures in South Florida in the second quarter compared to 6,673 foreclosures in ... more...

Making Dallas Foreclosures Work For You
In November of 2006, according to the RealtyTrac? U.S. Metropolitan Foreclosure Market Report, RealtyTrac? U.S. Metropolitan Foreclosure Market Report the number Dallas foreclosures rose 67%, and the eight counties surrounding Dallas saw a new foreclosure for every two hundred and eighty-six ... more...