According to some, the real estate and foreclosure crisis hasn’t peaked yet. And some experts are saying the next wave of victims may be churches.
And churches and other houses of worship can get into trouble the same way individuals do.
They dream too big and don’t plan conservatively.
Since 2008, nearly 200 religious facilities have been foreclosed upon.
In the two years previous…the total was only eight.
The reason…hard times in some parts of the country.
Ken Warren is the Senior Associate Pastor at Green Acres Baptist Church…
He says churches are different in one way in that prayer and faith are part and parcel of what they do.
But you have to be realistic. Often when people hit hard times, that church tithe is the first thing to go.
And getting too far ahead of your finances can be just as disastrous as it is for a homeowner.
Warren told us that East Texas has been lucky in this recession, but we aren’t immune. Pastors, Rectors, Rabbis and Imams…all have to plan carefully.
As any tailor will tell you…measure twice, cut once.