by: Dan Freed
You don't need to be a poet to find a metaphor in the foreclosure of Bank of America
Bank of America has come to represent the U.S. property bust more than any other institution, so it is only fitting that a 55-story tower that bears its name--the tallest in the Southeast, according to a Bloomberg News report, should end up in foreclosure. The 1.25 million square foot building is to be sold in an open outcry auction on Tuesday.
What may also be seen as fitting is that Bank of America is not be the biggest loser in this story. That misfortune may go to the city of Atlanta, which was booming just a few years ago and is now one of the cities hardest hit by the crisis.
Atlanta recently saw home prices hit a 13-year low, and received the second-lowest ranking among 20 cities tracked in the Case-Shiller home price index--second only to Detroit.
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