A recent article in the Twin Cities Business Journal touches on the subject of the next wave of foreclosures coming to the second ring suburbs like Apple Valley, Woodbury and Minnetonka. Over 30 zip codes have been classified as potential problem areas with resetting sub-prime adjustable rate mortgages (ARM’s).
The Federal Reserve of New York has some dynamic maps of nonprime mortgage conditions that you can view for statistics. These maps give you a broader overview of zip codes and areas that are heavy with sub-prime loans.
This of course is nothing new with foreclosures in the inner city and outer ring suburbs with straw buyers but these are cities that have so far relatively weathered the foreclosure crisis.
I would have pulled some data but the MLS FINALLY came up with a way to better track REO/Foreclosures and therefore it is hard to compare accurate data from previous years.
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