GoogleMaps Mashup Of Minneapolis Foreclosures

A googlemaps mashup of 2007 foreclosures to-date in Minneapolis area puts the acceleration in failed mortgages into a different perspective.

Twin Cities Foreclosures [Star Tribune via Caveat Emptor]

Comments

Edit Your Comment

  1. Moosehawk says:

    Well that’s no good.

    By the way, that entire area is one big scary ghetto place that I’ve driven through once and I’ll never go back to. I got lost going through there trying to find my way to a really good pizza place.

  2. bohemian says:

    The area in the image isn’t THAT scary. But it is a lower income neighborhood. I lived in Mpls off and on most of my life. What IS scary is that all of the clusters of foreclosures are either the very low income areas or the up and coming areas of people trying to crawl their way into the middle classes.

    The foreclosures in the nicer areas are almost nil. I did happen to see some that showed as being next to Lake Calhoun. Just about every house in that area is expensive and fairly big. But it looks like most of these sketchy loans were made to people least likely to have the financial experience to know better.

    When I got ready to buy again elsewhere I got the hard sell from realtor trying to push me to use questionable brokers or trying to directly sell me into one of those interest only loans. I was told quite a few times that I really just wasn’t smart enough to fully understand what a great deal they were offering me. I can see how someone without the experience or having gone through the process a couple of times might fall for these things.

  3. bohemian says:

    Moosehawk they were probably sending you to Broadway Pizza. There are locations all over town, the original location isn’t anything that special. Their pizza sauce and cheese bread is to die for.

  4. AaronGNP says:

    North Minneapolis is ghetto-ville, USA. Homes are foreclosing, schools are just plain closing. No sane person wants to live there right now due to the huge amounts of crime. If you look at the homicide map for 2006, the densest spot is in North Minneapolis as well.

  5. mccxxiii says:

    Naive comment/I-know-nothing-about-MPLS:

    When I clicked through to the map on the paper’s web site, it looked like the area dense with foreclosures contains three sizeable lakes. Where I come from (not MPLS) you would just *by definition* not have any ghetto occurring near any lakefront/waterfront.

    Is Minnesota just so full of lakes (10,000!) that they even have lakes in their ghetto, or is there a nuance of this geographical space that we’re not exploring?

    Sorry if that’s a dumb question … I’ve never even been to MPLS. I’m genuinely curious, though, because that map is fascinating.

  6. demonradio says:

    I’m with MCCXXIII. Anyone got any input?

  7. AaronGNP says:

    The lakes area is rather nice and I’m sort of surprised by the number of foreclosures there, but there is an amount of truth to that we just have so many damn lakes that lakes are even going to end up in non-so-favorable spots.

    I don’t know how to explain the number. I’m sure it’s a cross between, predatory lending, a flooded real estate market (tons of homes for sale) and poor location/crime (especially in North Minneapolis as pictured in the screen cap Consumerist has provided).

  8. regexp says:

    This is for 2006 and 2007 so the consumerist comment is misleading (no surprise there).

    At the end of the real estate bubble – housing sales in north minneapolis were booming because it was the “next place to move to” and it had much more affordable housing then elsewhere in the city. So its no surprise that there is a higher level of foreclosures there because of people getting loans they couldn’t afford. But the key difference is how long do those houses stay on the market? Unfortunately in north minneapolis the market is dead. Elsewhere in the city tho houses are moving quickly. On my block alone 4 houses have sold within a month of their listing this year.

    And yes – being near a lake is a plus but in Minneapolis most of the lakes are south of the city not north.

  9. rosy501 says:

    I find this image very disturbing. It makes me want to give every one of those foreclosed homeowners a big giant hug. As bohemian said, it’s likely that these unexperienced first-timers were pressured into shady brokers and loans they didn’t fully understand. I feel really bad for these folks.

    Other than lack of home-buying experience, I’m extremely curious to know why so many of these homes were foreclosed, especially in this area. Job loss? Domestic upheaval? Death in the family? Insurance? Any insights?

  10. bbbici says:

    I bet a lot of these home buyers were really smug toward their renter friends and blabbed on and on about how they bought a house and how much it is worth. Serves em right.

  11. peokuk says:

    @demonradio: @mccxxiii:

    I live in the SE quadrant of this area and its very nice. The whole South half is full of parks and is all smaller (starter) homes. bohemian has it exactly right, I got the interest only pitch myself when I bought my home.

    I think I still got a more expensive home than I should have, and would be another pin on the map if my job wasn’t so good to me.

    It can’t be that bad of a neighborhood if they’re running a triathlon through it, right? [www.ltftriathlon.com]

  12. SkyeBlue says:

    I’ve seen the ads on TV for YEARS that have been more or less saying “Do you have bad credit or never bother to pay your bills? Well, do we have a loan for YOU!”

    Which more or less translates to: Since you are a bad credit risk and we know you most likely can’t get a loan anywhere else we will gladly take advantage of you. We like high-risk people, we are betting you will continue your poor credit habits and out of control spending. Once you are a few payments behind in your loan with us we will gladly forclose on your house!”

  13. heronswift says:

    Back in the mid-90s, I worked for a nonprofit developer doing affordable housing in part of the area shown in the map above. The foreclosures are really saddening, but not especially surprising, to see; the problem I consistently found with prospective homebuyers who were financially marginal was a disinclination to factor in the inevitable expenses of homeownership above and beyond mortgage payments: replacing the hot water heater, re-roofing, cutting down the backyard tree that gets Dutch elm, etc. etc. And of course predatory lenders aren’t going to enlighten prospective buyers on these points.

    Oh, and re: the map that MCCXXIII refers to — the dense foreclosure area, near the north-south freeway, is by no means a ghetto, but it is heavily populated by/particularly attractive to young first-time buyers. High foreclosure rates by no means equal slum, nowadays.

  14. lookbusy says:

    A lot of the foreclosures near the lakes are condos, and most of those are recent apartment conversions. ARMs, people paying more than they can afford, etc.

    The big fancy houses are not seeing foreclosures.

  15. othium says:

    @mccxxiii:

    Yes. There are lakes everywhere. “10,000 Lakes” is just a slogan. There are actually over 15,000 bodies. We have more shoreline than California, Florida and Hawaii combined.

    I would normally be fishing this time of year but bills are conspiring to keep me away from the lakes this year. *sigh*