Pricing
Cause: The prices of homes in the city of Detroit is quite low because of the current financial situation. Some people just keep buying homes either for their personal use or to help out with their businesses or to rent to others. At least the homes that are being used some way or another are not being teared down or abandoned which brings some type of financial safety net for these people.
Detroit
According to Foroohar addressed, "But the percentage of Americans who are homeowners is still declining from its peak in 2004, the market is bifurcated (sections of Washington and Los Angeles are booming, while Detroit and California's Inland Empire are still coping with foreclosures and homes with mortgages that are underwater), and the federal government is underwriting nearly 9 out of 10 new mortgages via a multitude of state-sponsored programs and federally backed bonds" (2).
According to White and Timiraos described, "Detroit's housing market is a long way from robust, and the recent improvement is small compared with the value lost during the collapse that began in 2007. Still, there are signs that Detroit's residential real-estate values may be stabilizing -- at levels comparable to 1995, and nearly 43% below their peak" (3).
Chief economist Bob Walters from Quicken Loans was interviewed by White and Timiraos and said, "Likewise, the collapse of housing values has made it easier for younger buyers, and those who have jobs, to consider buying. With Detroit area home prices so low, "the rent-ownership relationship dramatically favors buying," (3).
Detroit
According to Foroohar addressed, "But the percentage of Americans who are homeowners is still declining from its peak in 2004, the market is bifurcated (sections of Washington and Los Angeles are booming, while Detroit and California's Inland Empire are still coping with foreclosures and homes with mortgages that are underwater), and the federal government is underwriting nearly 9 out of 10 new mortgages via a multitude of state-sponsored programs and federally backed bonds" (2).
According to White and Timiraos described, "Detroit's housing market is a long way from robust, and the recent improvement is small compared with the value lost during the collapse that began in 2007. Still, there are signs that Detroit's residential real-estate values may be stabilizing -- at levels comparable to 1995, and nearly 43% below their peak" (3).
Chief economist Bob Walters from Quicken Loans was interviewed by White and Timiraos and said, "Likewise, the collapse of housing values has made it easier for younger buyers, and those who have jobs, to consider buying. With Detroit area home prices so low, "the rent-ownership relationship dramatically favors buying," (3).
Specific Neighborhood
Rivertown
Rivertown
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