Housing Bubble
Cause: The housing bubble is a major aspect that had a substantial impact on the housing market of Detroit. It had it's ups such as housing prices going through the roof and then falling prices drastically but it all eventually collapsed in the end. This is the main cause of the 2007-2008 crisis.
According to Saunders indicated, "Despite the brief uptick in real-estate prices owing to the housing bubble of the 2000s, values continued to decline. Total property values in 2013 were only $9.6 billion."
According to Bai and George noted, "Though the recession took a toll on the entire region, the housing bust disproportionately hurt minority borrowers."
According to Mullins who provided a graph for Detroit's housing bust claimed, "Figure 7 shows trends in real home prices in Detroit during the price collapse and subsequent recovery. Real prices peaked in the third quarter of 1979 and fell precipitously until the fourth quarter of 1984, when the oil bust spurred demand for gas- hungry, American-made automobiles. Although the housing market grew relatively slowly during its recovery (3.55 percent), Detroit’s real HPI returned to its 1979 peak in 1996 (17¼ years later)."
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