Re: most homes in Ferguson lost 30% of their value since spring
Posted by:
ferguson imploding
()
Date: November 26, 2014 11:25AM
White flight in Ferguson has turned into a full-on stampede for the exits.
In slightly less than 25 years, the population has gone from 73.8% White and 25.1% Black in 1990 to 67.4% Black and 29.3% White.
Additionally, if you look at Zillow page for Ferguson, most of their housing stock is small, old (60-80+ years) houses on tiny lots, and a lot of it is in foreclosure or nearly so.
Right now their city is synonymous with racial unrest and rioting, and we get to enjoy nightly displays of Ferguson's business community being reduced to a looted, burnt rubble.
While it's nice to think that they're going to elect well-meaning, intelligent and thoughtful leaders in their next election for city council and mayor, it's much more likely that you're going to get a bunch of race-baiting hucksters and crooks more interested in enriching themselves and their cronies.
Given this combination of factors, it's no wonder that real estate in Ferguson has tanked.