Until the last decade, many residents were still the original owners, or their children. They bought in the '50s, raised families and stayed put. When Mary Kay Trudeau-Mitchell moved back to her childhood home after three decades away, many of her neighbors were the same people she grew up around. But selling those homes proved hard. Tastes changed. Bigger, new homes were built farther west. There weren't many buyers anymore for half-century-old vinyl-sided ranch houses.
Those who did buy too often paid with mortgages they couldn't afford. Like much of inner North County, Glasgow Village was a hot spot for subprime lending. When the bubble popped, it became a hot spot for foreclosures. There were 105 in the neighborhood in 2008, according to the St. Louis County Planning Department, and 82 more the following year. Prices have plunged. A standard three-bedroom that went for $70,000 or $80,000 a few years ago often costs $20,000 today. "Market forces just aren't keeping things in balance here," said Jerry Hopping, a landlord who owns several houses in Glasgow and is active in the neighborhood.
Glasgow is a bit of an extreme example. It is fairly isolated, a patch of unincorporated St. Louis County tucked between Riverview, Bellefontaine Neighbors and Interstate 270. And it was hit harder than most places by the mortgage mess.
