Foreclosures--will they be a problem for us?

Candidate Rene Varela talked several times about the foreclosure issue that could be a very serious problem next year in Lake Worth. We depend on ad valorem taxes to operate our City. How will foreclosures affect our City's ability to provide necessary services and stay operational?

Property values show no growth for 2009 and it is expected that the impact of the slowing real estate market and high foreclosure activity will result in reduced assessed values along with reduced property tax revenues next year.

Don't forget to ask Dave or Suzanne about this. Maybe they have an answer.