Anyway, back to the maps, here’s a heat map of Boston neighborhoods by income (Red means high income, blue means low):
OK, so what do you think the foreclosure heat map looks like? If you said nearly the opposite, you’re right. (Here the red means high rates of foreclosures and blue means relatively few foreclosures).
You can follow the link here, and get the same result on nearly every metro area in the country, save those like Miami where it’s bad everywhere. So what, then?
One this isn’t terribly surprising, but it should give us pause when exceptional anecdotes are trotted out in the press as ‘trends’ about wealthy foreclosures.
Additionally, it shows a particular need to pass one of Barney Franks’ measures to provide aid to communities dealing with the aftermath of foreclosure, which tends to be increases in blight and crimein communities that can ill afford it. As well as the need to view the housing crisis through these lenses; for the most part, it’s not the wealthy, the developers or the mortgage brokers getting burned on this.
Cross Posted at Mass Eyes and Ears