In doing some research, I identified data that shows foreclosure rates for each zip code in the Chesterfield, MO area. Chesterfield has 2 different zip codes so the information is separate for each zip code.
For 63005:
The population is 18, 293.
The number of households is 6110
The median income is $172,424
The average home value is $559,626.
Foreclosure rates have been on the increase. In 2005, there was less than 1 foreclosure per 1000 households-only 4 for the whole year. In 2006, there were 9 for the year. In 2007 there were 20 foreclosures. In 2008, through the third quarter, there were 43.
For 63017:
The population is 45,252.
The number of households is 16,572
The median income is $105,916
The average home value is $362,348.
Foreclosure rates have been on the increase. In 2005, there was less than 1 foreclosure per 1000 households-only 6 for the whole year. In 2006, there were 28 for the year. In 2007 there were 35 foreclosures. In 2008, through the third quarter, there were 58.
We are still not out of the woods yet. Many of those who have been able to hold on to their homes have taken a hit financially in other arenas while continuing to try to pay the mortgage. Some of these families will declare bankruptcy from this financial stress. That may lead to more foreclosures. The other factor continuing to haunt the economy is the number of subprime adjustable rate mortgages that are still due to reset in the year 2009. Job losses across many segments of the economy continue to contribute to the problem. Where will it all end???
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