The Revitalist

The Globe ran a rather bleak story on Lawrence's struggles with foreclosures this weekend. The North Lawrence neighborhood, dominated by triple-deckers, duplexes and condo-ed Victorians, is the hardest hit with an estimated 1 in 10 owner-occupied homes under foreclosure. The article compares this to the mid-1990's when many houses burnt in suspicious fires, possibly insurance frauds, and the increasing number of burnt or abandoned houses led to the overall decline of the neighborhood. The concern is that the prosperity of the past decade was largely buoyed by subprime loans, many predatory, and a false sense of the depth of financial resources. Those who bought then are now facing rising adjustable interest rates, softening of housing related business income (house cleaners, painters, etc.), inability to sell their homes as prices collapse, and the prospect of foreclosure. The videos that accompany the article put a very human face on the issue and offer little hope.

In our work in Lawrence, we see a different side of the community, one that does see a brighter future ahead and growth within the community, despite the challenges. One organization that we have worked closely with is Lawrence Community Works, not mentioned in the article, who offer financial literacy training and home ownership programs (among others). They have seen the people in their programs able to ride out the storm, having made safe investments. I suppose the reality for Lawrence's future will, to some degree, come down to perception – a battle between defeat and hope for future. The city, the business community and the community service organizations will need to provide the leadership.