2007-2008 Housing Crisis on Detroit
Cause: This was caused by the housing bubble of the 2000's. The 2007-2008 housing crisis did not just happen overnight but it took months and months but Detroit as a city pertaining to the housing market just went downhill. Also this is one of the main reasons but not the only reason why the city declared bankruptcy in 2013.
According to Watson and Moore informed, "Dire conditions in a once prosperous East Side Detroit neighborhood underscore the impact the wave of home foreclosures is having on working people across the United States."
According to Watson and Moore mentioned, "The city of Detroit has the highest repossession rate for a major city in the US, with real-estate owned (REO) homes—that is, homes repossessed by banks or mortgage holders—at 3.7 percent in 2007."
According to Watson and Moore mentioned, "The city of Detroit has the highest repossession rate for a major city in the US, with real-estate owned (REO) homes—that is, homes repossessed by banks or mortgage holders—at 3.7 percent in 2007."
Click on these buttons to learn more about the general aspects, rise, ruin and rebirth of the housing market in Detroit. Also to learn more about the specific and different aspects of the rise, ruin and rebirth of the housing market in Detroit. Also included other aspects as well.
Click on the links below to learn more about why these homes are vacant
Abandoned Buildings
City Vs Suburbs
Population
Abandoned Buildings
City Vs Suburbs
Population