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Economy: Housing / Foreclosure Crisis / Construction #1000224

CBS Evening News for Thursday, Jun 16, 2011
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(Studio: Scott Pelley) Statistics on bank repossessions of homes and mortgage holders underwater cited.

(Miami: Jim Axelrod) The decision of some homeowners to walk away from their mortgage examined; details given about strategic default, when people with no hope of breaking even stop paying their mortgage; statistics on the Florida housing crisis cited. [Homeowners Bob and Julie SISTIK††, Victoria WILKINSON††- comment.] [Morris duPont† foreclosure attorney Chae DUPONT†- explains the impact on credit ratings.]

(Studio: Scott Pelley) The increase in people choosing to live in apartments or condos noted.

(Los Angeles: Bill Whitaker) The loss of construction jobs despite the increase in apartment and condo construction, which takes fewer workers than single family houses, examined; statistics cited; map shown. [City Constructors Inc. project manager Kyle DONOVANH†- says you had to go where the money was.] [Construction worker Delvin KNIGHT††- comments.]

(Studio: Scott Pelley) The housing construction numbers mentioned.

Reporter(s):
Pelley, Scott;
Axelrod, Jim;
Whitaker, Bill
Duration:
00:05:20

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