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Tens of thousands of homes in the East Bay are in foreclosure or are owned by banks. Some sit empty; a few are boarded up.
Beyond the squatters and overgrown yards blighting neighborhoods, the glut of bank-owned homes means years of decline in the property taxes on which cities, schools and the state of California depend.
So local governments that already have sent out layoff notices by the hundreds may be forced to make more cuts.
For those losing their homes to foreclosure, the end of the line comes when banks reclaim the house keys.
For governments, that is just the beginning.
Read more: http://www.mercurynews.com/breaking-news/ci_15153552?nclick_check=1
