Below is a Living St. Louis piece about Pagedale, one of many inner-ring suburbs in St. Louis. Within, we learn that if you follow the subprime loans, you find the most foreclosures.
Of great interest is the profile average of the typical 2007 subprime/foreclosed home:
Built in 1954
1,260 square feet
Appraised value of $116,000
Also of great interest is the racial make-up of the municipalities hardest hit by subprime foreclosure (see this interactive map). Circumstantial evidence indicates that redlining is still standard practice in St. Louis. It’s very disturbing and very sad.
On the inspirational side, the ever-mounting number of empty homes in our inner-ring suburbs is a great opportunity for forward-thinking developers interested in the financial and societal advantage of re-using and improving our existing housing stock. As we hit rock bottom, this idea is not as much of a fantasy as previously believed.