The StarTribune recently posted a great Google Maps mashup showing the homes in Hennepin County that have been foreclosed on so far in 2007. Numbers are difficult to visualize, but this brings home the true scope of the problem. Here is what North Minneapolis looks like, where nearly every block has at least one foreclosed home:
If you are in Minnesota, contact The Glover Law Firm, LLC, for a free case evaluation. In any other state, you can find a consumer rights lawyer using the National Association of Consumer Advocates lawyer database.
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Very, very scary. And that’s just one county and one major city.
WOW, thats insane! The housing boom will likely see a housing bust and prices will fall through the floor. I guess now would the time to get a great deal.
So who do you blame for the increase in foreclosed homes, oil companies, rise in interest rates (adjustable rate mortgages), or another factor? If this trend continues could the country see a depression.
I don’t know if you can point the finger at any one “culprit,” but greedy and unscrupulous mortgage brokers, gullible consumers, and subprime lenders all play their part.