US foreclosures go sky high

Iconic skyscraper in Georgia goes under the hammer for a lark as slumping economy continues to strangle property market.

    The Bank of America Plaza skyscraper in the state of Georgia, the tallest building in the southern US, is just another lamb to the slaughter after it was auctioned off for about half the amount it was worth five years ago.

    Once the symbol of the area's booming commercial real-estate market, the tower now represents its widespread failure.

    After the housing bubble burst, millions of homes have been foreclosed in the country.

    President Barack Obama's programmes have not helped nearly the number of people he said they would, while Mitt Romney, the Republican front-runner, says the answer is to let the market bottom out.

    Al Jazeera's Patty Culhane reports from Washington.

    SOURCE: Al Jazeera


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.