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Memphis, TN. - In response to the national crisis in housing, Mayor A C Wharton, Jr. will convene a Real Estate Roundtable of economists, realtors, and officials who will share the local implications of the widely reported rise in foreclosures across America. This Roundtable will be held at the Fogelman Executive Conference Center - University of Memphis on Monday, March 10, 2008 at 10:00 a.m. It is free and open to the public.
Recent reports have shown that in the fourth quarter of 2007, American homes entering foreclosure reached the highest level of any other similar period in recorded history. Additionally, studies show that a home that has entered foreclosure lowers the value of all homes on its block by 1.5 percent
Wharton remarked, "There are many implications that we have to consider when looking at the local impact of this national issue. One tie-in that can not be overlooked for us is the property tax. Having more foreclosed homes basically translates into a serious diminishing in what we receive through the property tax to fund government. This, of course, is a major issue since Shelby County is funded primarily from the property tax."
Wharton has in recent months continued to share the challenges of Shelby County Government's finances even while looking for alternatives to raising the property tax to meet a projected 16.5 million dollar budget shortfall.
This Roundtable will be led Dr. John Gnuschke, Ph.D, Director of the Sparks Bureau of Business & Economic Research.
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