Foreclosures: Flying The Coop
Hoofy & Boo's hard-hitting look at the recession's forgotten victims: chickens.
Las Vegas had the most foreclosures of any US city, with the rate of filings at 4.5%, or 7 times the national average.
Merced, CA had the dubious honor of coming in second, with Cape Coral-Fort Myers, FL in third place, Stockton, CA in fourth, and Riverside-San Bernardino-Ontario, CA placing fifth.
The recession has affected all types of people and businesses, all across the country. But among the hardest hit are chicken farmers - particularly in North Carolina, where it's a $3.3-billion industry.
While the fate of homebuilders like Centex (CTX), Pulte (PHM), and Toll Brothers (TOL) has been a matter of national concern, few have spared a thought for the 800 to 900 chicken farmers who have lost contracts since last fall, forcing them into foreclosure.
These foreclosures aren't on their houses, mind you - they're on their chicken coops, which can cost up to $500,000 each.
Hoofy & Boo take a look at the littlest -- and featheriest -- victims of the foreclosure crisis.
Just think of the chickens.
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