Churches Across America Either Floored by Foreclosures or Mauled
juliaredstone | February 9, 2011 at 05:18 amby
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Unfortunately the financial crisis has hit all sectors. Precisely, individual churches werethe most affected. The congregation numbers have fallen along with the signatures:
Family Christian Center under pastors Rich and Lindy Oliver decided that more space was required for their growing congregation. The church took a loan of $4.2 million. But when the crisis hit in 2006 many of faithful shifted to other places while those that remained reduced their contributions drastically. Meanwhile the value of the property tumbled down in 2008 from $8.5 million to a mere $2.5 million.