ROSEVILLE, Calif.—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.
Since 2008, nearly 200 religious facilities have been foreclosed on by banks, up from eight during the previous two years and virtually none in the decade before that, according to real-estate services firm CoStar Group, Inc. Analysts and bankers say hundreds of additional churches face financial struggles so severe they could face foreclosure or bankruptcy in the near future.
I live a short distance from the "world famous" Crystal Cathedral. When the doors opened in the 1980's. they were heavily criticized for having installed a 1 million dollar pipe organ.
ReplyDeleteThey filed for bankruptcy in 2010.
So do what the rest of us would have to do
ReplyDeleteSell the frickin' organ !
Last I heard the Crystal Cathedral requires a monthly budget of five million dollars and that's not counting the window cleaner!
ReplyDeleteyep got caught in the fall. but "next wave" in foreclosures...200 in 2 years..in commercial properties 200 in 2 years is a wave..wow. who titles these articles. interesting article sure but the title is funny. if that's a wave then restaurant closing was/is the end of all mankind LOL
ReplyDeleteAgree, and its not like they will be missed. Most of these churches are running off tax breaks and donations based on empty promises. It doesnt make sense to keep these uber-sanctuaries running for thousands of dollars a month just to pray at a blank wall so people can feel good about themselves for a few minutes and then go back to their hypocritical lives.
ReplyDeleteI appraise churches including distressed ones. Churches are not much different than individuals. They get all excited about having a bigger this, bigger that and borrow more and more money and then the economy tanks and donations fall, then they can't make their payments. They are groups of individuals subjected to the same whims as the rest of us. More is not always better.
ReplyDeleteLet the ultimate FRAUD artists FAIL! Wonder if the SHEEP will pull out the tentacles of mind control?
ReplyDelete