Vacant Homes Spike in St. Paul

by Alex Stenback on February 12, 2008

From the global citizens (and owners of perhaps the worst tagline in all of media: Local News for Global Citizens) at the Daily Planet, via:

…by year’s end, some 7.5 percent of the city’s housing stock will either be in the last stages of foreclosure or officially vacant. Such a high percentage of troubled properties can’t help but further depress home values, reducing the amount of property taxes that can be collected by the already financially strapped city.

7.5% of Saint Paul’s housing stock is roughly/amazingly 4200 homes, or something like 10 times the normal historical vacancy rate of 300-400 homes.

Which is also why Saint Paul is considering efforts aimed at hanging these properties, and the expenses they represent, around the lenders necks.
Vacant Houses and Foreclosures Skyrocket in Saint Paul [tcdailyplanet]

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