Minneapolis subprime woes

Subprime storm winds will keep blowing

Excerpt:

Home foreclosures in Minneapolis doubled in 2006 and are on pace to double again this year. The number of vacant buildings is rising in working-class neighborhoods with high levels of subprime loans. Some families are simply walking away from once-secure homes.

"People are upside down; they owe more than their house is worth," says Glennis Ter Wisscha, deputy director of Neighborhood Housing Services of Minneapolis, who counsels borrowers. Homeowners "can make it at the (initial) teaser rate, but the adjusted rate is going to go up $400, $800, $1,000 a month."

Comment: See the foreclosure map posted earlier this week. People should go to jail for pushing ARM mortgages on people!

Sortable report: 500 Top foreclosure zip codes. MN zip 55411 is the worst in Minnesota! Atlanta, Denver, Detroit, & Cleveland high on the list!