Report: Foreclosures to drain economic activity from metro areas

By: The Associated Press
By: The Associated Press

A newly released report says rising foreclosures will lead to billions of dollars in lost economic activity next year in the nation's major metropolitan areas.

But the report also says homeowners and financial institutions can work together to contain the effects of the crisis.

New York is expected to lose $10.4 billion in economic activity next year, followed by Los Angeles at $8.3 billion. The Detroit area is No. 7 on that list at an expected $3.2 billion in lost economic activity.

The report also projects property values will decline nationally by $1.2 trillion in 2008.

The report is being released by the U.S. Conference of Mayors. A number of mayors from across the country will meet today in Detroit to discuss strategies.

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