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    Minnestoa's new ghost towns

    From the Star Tribune:

    The roots of that financial crisis can be found in places like Wright County, where the combination of affordable land, cheap money and boundless optimism lured builders and families chasing big homes in the kind of brand-new subdivisions they thought were beyond their reach.

    The county's population swelled nearly 30 percent in the past decade. Home prices seemed to climb with each arrival, making everyone feel rich.

    But the boom has unraveled as quickly as it began. While many established Wright County neighborhoods have avoided the worst of the housing market collapse, the county ranks as one of the state's worst areas hit by foreclosures. Pockets of this county, about 30 miles northwest of the Twin Cities, have seen home prices fall 30 percent or more in the past year.

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    Minnesota's new ghost towns


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    Re: Minnestoa's new ghost towns

    That's sad to hear about. My wife is from Wright County.


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    Re: Minnestoa's new ghost towns

    Many towns along the Iron range are hurting as well. No point in staying in a town when the mines are all empty.



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    Re: Minnestoa's new ghost towns

    "...affordable land, cheap money and boundless optimism lured builders and families chasing big homes in the kind of brand-new subdivisions they thought were beyond their reach."

    The ghost towns are also beginning to show themselves on the economic side. This whole situation has a lot to do with our attitude toward building new and cheap versus building for quality and only with what we can afford with a reasonable loan. It is interesting that farmland in this area is only on the rise while residential land is on the downfall.


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    Re: Minnestoa's new ghost towns

    Quote Originally Posted by Cyclone711 View Post
    Many towns along the Iron range are hurting as well. No point in staying in a town when the mines are all empty.
    That's no different that what's been going on in rural Iowa for the last 20 years.

    It is, however, unusual for a suburb of a major city to go into the tank like this. It could also be worse - they could be Cleveland (Fixing Cleveland's foreclosure crisis - Nov. 15, 2007)

    The other side effect that this kind of problem brings is the loss of the tax base for that community. In rural Iowa, non-farm property valuations have been low and stagnant for a long time and that has been pinching the small town budget. But now some of these larger cities are also feeling the problems from dropping valuations.



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