Report: Foreclosure crisis hit St. Paul's poorer neighborhoods harder
A new report shows some St. Paul neighborhoods were hit harder by the foreclosure crisis than others.
The interfaith group ISAIAH examined mortgage and property data, and found low-income neighborhoods and minority communities have higher rates of foreclosed and vacant properties, and lower home values than the city overall.
Three lower income neighborhoods saw the biggest drop in housing values in the city. Dayton's Bluff, Payne-Phalen and Thomas-Dale lost about 50 percent of their home values since 2006 — that's almost double the loss in values in the Mac-Groveland, Highland Park and St. Anthony Park neighborhoods.
Jill Henricksen, director of the Greater Frogtown Community Development Corporation, said the housing crisis has also left a raft of vacant lots in St. Paul.
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"Until the economy turns around, until the real estate market turns around we are not going to be seeing a lot of new construction on these lots," Henricksen said. "That's this sense of hopelessness that people are feeling in the neighborhood."
A public meeting on the housing report takes place Tuesday.
IF YOU GO
WHAT: ISAIAH/St. Paul City Council Housing Crisis Forum
WHEN: Tuesday, October 11, 2011, 7 p.m.
WHERE: St. James AME Church, 624 Central Avenue West, Saint Paul, Minn.