Twin Cities' Suburb Hit Hard By Effects Of Housing Boom & Bust

In Minnesota, the Minneapolis Star Tribune recently published a three part report on the real estate problems being faced in Wright County, a Twin Cities suburb.

• Just two years ago, Wright County epitomized the American dream of home ownership. Young families went there in droves, attracted by the cheap land, good schools and bucolic neighborhoods. But today, that dream is unraveling, as foreclosures rip through Wright County neighborhoods at a rate of 23 a week. What happened?

• Plummeting home values means some families are trapped, unable to refinance, sell or make ends meet. Speculators helped drive the boom in Wright County — and the bust. Towns welcomed the development with new schools and wider roads. Now they’re paying the price.

For more, see:

• Part 1: Minnesota's new ghost towns (In Wright County, reckless speculation and the mortgage meltdown have turned subdivisions into virtual ghost towns),

• Part 2: Housing bets gone bad (Wright County was a haven for speculators -- until they got burned in the downturn),

• Part 3: Housing downturn has suburbs stuck with the bills (Wright County welcomed growth with new schools and wide roads. But as half-built subdivisions lie fallow, it's paying the price. Officials are scrambling to revitalize neighborhoods that have fallen into decline just years after they were built).