Housing crisis starts to hit cities
Low assessments catch up with dip in home values
The nation’s housing crisis is five years old, but for local governments across the country, the worst of the reckoning might only now be at hand. Because of the time it often takes for property assessments to reflect falling home values, the bust that began in 2007 has just begun to ravage tax revenue in communities from coast to coast. The problem is unlikely to subside soon.