Originally posted September 2018 in the St. Louis Post Dispatch. Written by Jacob Barker.
Lenders made just 154 mortgages north of Delmar Boulevard last year, less than 4 percent of the nearly 3,900 home loans issued in the city of St. Louis.
It’s stark evidence, drawn from federal Home Mortgage Disclosure Act data, that the mortgage market in north St. Louis is broken.
“The valuation of a home is directly tied to whether or not a buyer can access a mortgage to buy your home,” said Glenn Burleigh, community engagement specialist for the Metropolitan St. Louis Equal Housing and Opportunity Council (EHOC). “What we have in north city and much of North (St. Louis) County and East St. Louis, the lack of access to credit in those areas is feeding this negative loop.”