Minneapolis foreclosure crisis story in USA Today

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Filed under: Economy

A local crisis goes national, as USA Today uses the Hawthorne neighborhood as a jumping-off point to talk about foreclosures.

Some highlights:

Minneapolis and three of its neighborhoods won their first legal battle last month in a separate lawsuit against real estate company TJ Waconia, when a judge appointed a legal caretaker to manage 141 mostly vacant properties.
Cleveland, Baltimore and Buffalo also have sued lenders and banks in recent months. St. Paul has written to its lenders threatening a lawsuit if they don't fix their foreclosed properties.

"Hundreds of cities across the United States are in the same position," says Greg Squires, a professor of sociology at George Washington University who studies urban redevelopment. "I think there will be more lawsuits. If we get an early decision in one of these cases, it will either encourage or discourage" other cities from filing suit.

There's some depth here, and it's worth a read if you're interested in potential remedies people are trying here and around the country.