One-Third of U.S. Cities See Lower Revenue Due to Housing Slump

Washington, D.C.–Rising home foreclosures have driven revenues down in one-third of American cities in the past year, according to the Washington, D.C.-based National League of Cities.Nearly two-thirds of more than 200 cities said increased foreclosures have caused one out of three to reduce community program funding, the San Diego Union-Tribune reported Tuesday. The nonprofit urban municipal association also said that growing demand for food banks and counseling are causing problems.Nonprofit and civic organizations are buffering some of the effects–more so than home lenders, the National League of Cities said.