Foreclosures make headlines. They are a big focus of the media's attention as the troubled economy continues to dominate the news. But even where banks aren't taking over properties, the collapse of the real estate market is having profound effects on local politics and county and city policymaking.
Here in Northwestern Montana, one needs only look at the situation happening on the shores of stunning Flathead Lake to see the housing crisis will continue to haunt communities for years to come. Residents along the largest natural freshwater lake west of the Mississippi had watched as property values climb throughout the 1990s and early 2000s.
Fueled by many out-of-staters looking for a second home with views of the glacier-carved Mission Mountains and only miles from Glacier National Park, property reappraisals including land and home soared to as much as $10,000 per foot of shoreline along the lake.
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