Crisis in St. Louis

An unincorporated municipality, Spanish Lake has no mayor or city hall, but does have an active community association which is trying to address the problem of abandoned home in the area, many the result of the foreclosure crisis. The Problem Property Unit and community association look for signs of neglect, yard waste, gang graffiti, or break-ins and attempt to clean up the properties whenever possible with the help of organizations like Neighbors Assisting Neighbors.

Click below to watch a Living St. Louis video about the mortgage crisis in Spanish Lake.

Click on the titles below for more videos about the Mortgage and Financial Crisis in St. Louis:

Lafayette Square

The story of a small business owner trying to open a new restaurant in tough economic times.

St. Charles

St. Charles was until recently, a boom area for building and selling houses. Now, this community is experiencing a rising number of foreclosures—leaving hundreds of new homes vacant.

Pagedale

The recent economic situation has lead to rising foreclosures in this North St. Louis County neighborhood.

South St. Louis

The Dutchtown neighborhood was one of the first communities in the area to see a dramatic rise in foreclosures where several homes have fallen into disrepair.

Granite City, IL

With as many as 120 foreclosure cases each month, Granite City is one of the hardest hit communities affected by the mortgage crisis. Illinois has a judicial foreclosure system which is different than the process in Missouri.

Habitat for Humanity

In the Jeff-Vander-Lou neighborhood in North St. Louis, Habitat for Humanity is building homes with affordable mortgages for families in need. This year, Habitat plans to move 27 families into affordable housing.

Jefferson County

Jefferson County experienced more than 900 foreclosures in 2007, and so far in 2008, there have been nearly 600 foreclosures.

Mortgage Scams

Carlos Brooks used to own the Grand View Market in North St. Louis, but after filing for bankruptcy, he was forced to sell his property for less than its value.

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One Response to Crisis in St. Louis

  1. I am very happy to see and hear about organizations giving help to those facing foreclosure in this mortgage crisis. Eventhough this crisis has hit our nation hard in 2008, this was something that I faced in Feb. 2006. The bank that I received my mortgage loan from, sold the loan to a servicing mortgage company called EMC located in TEXAS. This company received a lot of complaints about their service and inability to try and help those that were falling behind on their mortage. Anyway, this has been a traumatizing situation for me and I dont put all the blame on anyone but myself. I should have been more deligent in getting the help that I needed. As of today, I really struggle with trying to find decent housing, which some will say “As long as you have a roof over your head, you shouldn’t complain about what kind of housing your in”. Before I purchased my home and after foreclosure I’ve had bad experiences with landlords in St. Louis – from one not fixing the furnace for heat before winter as promised, to another having my first and last months deposit for five months because he could never find the right time or reputable contractor to complete work for the property to be inspected. I’ve been staying with family to pay off some bills, but it is time to reach for the American Dream again.

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