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April 05, 2010

Real estate bubble hits churches too

In the past decade, many of them overbuilt and overbought as much as many of their parishioners, and on as bad of mortgages. They're now paying the price. Especially for churches who preached the prosperity gospel, this is a definite moment of schadenfreude. And, interestingly, it's non-denominational congregations that are taking the biggest hit.

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