While home foreclosures have historically been a national issue to both the public and private sector, recent economic conditions have turned this issue into a full-blown crisis. Widespread foreclosures have been observed in American cities throughout the last decade, dramatically increasing with the burst of the housing bubble in 2009. Minneapolis is no exception to this trend.
While many corporate and media analysts point fingers as to who or what caused this mess, much of our coursework in housing studies has been aimed at understanding, preventing, and mitigating this housing crisis. From an economic perspective, leaving foreclosure issues unaddressed is damaging to the local economy and property values. From a social perspective, the widespread foreclosures are causing families to lose their homes and destroying the fabric of some communities. Something needs to be done, and I hope one day I can use what I'm learning here to get out there and tackle these issues.
Jesse, Housing Studies