Uneven Recovery: Northwoods’ promise and pain

Greater Minnesota, has faced a devastating foreclosure crisis, but it has played out very differently than in the Twin Cities metro area in the years since 2008’s housing crash.In the population centers across the state’s northern tier examined for this piece, the crash developed slowly. While home prices rose slightly pre-crash, a huge bubble never formed. There weren’t slews of sub-prime loans or adjustable rate mortgages being written. With the exception of a few lake towns, massive home construction never occurred in northern Minnesota.Find more articles in the Uneven Recovery series, an on going collaboration between Minnesota 2020 and Minnesota Housing Partnership.Instead, the Great Recession’s housing crisis-induced tidal wave is what hit Northern Minnesota. When people lost jobs in the Great Recession, they lost homes. Continue Reading