More bad news for Michigan (Detroit, Warren: real estate, foreclosures, property taxes)

[jimwoods]

Detroit is NO 1 in forclosures in the nation, 1 in 20 people in detroit had to walk away from their home in 07, the thing is 08 is not looking like it is going to trun around.
Some one called it bagdad west, LOL, I think I agree.

[Dr.Jim]

jimwoods - Would you mind posting the source of this information? This is quite an interesting statement considering you can easily go online and find 20 different lists with 20 different rankings.....

Also,...1 in 20? So 1 in every 20 homes in detroit is in foreclosure? I dont think so.

Please supply source, it would be appreciated.

[M1monster]

He is not to far off actually


Detroit had top foreclosure rate in '07 - Yahoo! News (broken link)

[baystater]

Detroit had top foreclosure rate in '07 - Yahoo! News (broken link)

Here's the article Jimwoods probably pulled the information from.

In all, 72,616 filings on 41,273 properties were reported in the Detroit metro area, which includes Livonia and Dearborn. The foreclosure rate represents a 68 percent jump from 2006, RealtyTrac said.

Another Michigan metro area comprising Warren, Farmington Hills and Troy was ranked 17th, with 2.1 percent of its households facing foreclosure.

OK I not super Knowledgeable about Detroit. But let me ask you guys. These neighborhood they are taking about in the article, Are they really good areas of Detroit? Or are they more blighted areas? If these people in these areas are foreclosed and leave MI would they be missed? Or would an exodus from these areas clear the way for gentrification?

[dkf747]

None of the areas mentioned are blighted.

[MIEng]

Originally Posted by baystater

Detroit had top foreclosure rate in '07 - Yahoo! News (broken link)

Here's the article Jimwoods probably pulled the information from.





OK I not super Knowledgeable about Detroit. But let me ask you guys. These neighborhood they are taking about in the article, Are they really good areas of Detroit? Or are they more blighted areas? If these people in these areas are foreclosed and leave MI would they be missed? Or would an exodus from these areas clear the way for gentrification?

Every area in the SE Michigan has been affected by the wave of foreclosures. The Detroit inner city neighborhood are far the worst. Dearborn, Farmington Hills and Troy are considered very desirable neighborhoods but they are also affected just like the rest of the suburbs. The rock bottom prices I have seen in the Detroit area (city) are absurd. But I do not think the low prices will matter or will motivate buyers to jump in as long as we continue with the high unemployment/lack of jobs situation. That is the root of the problem.
Its very sad.

[Dr.Jim]

OK....cool...(well actually not).
Thanks for the link.

It is interesting though,..that this foreclosure situation is not a direct indicator of the real estate market here,...it is heavily affected by the other economic situations in the state/area such as unemployment, automotive industry,...etc..etc.
So in addition to the ARM foreclosures, we also have the unemployed foreclosures too.
Nice.

[SUBURBAN MAN]

detroit has a lot of nice areas, its just bad in a few area... but nowadays which city isnt. chicago, l.a., atlanta, everyone has problems... Western wayne county is nice like canton(20th safest in america, good schools, booming housing and retail, and did you know that canton even has median home prices comparable to nortville), or livonia(companies that arent even associated with cars are here tooo.) plymouth, northville, dearborn etc. Oakland county isnt bad at all but is the 4th most affluent county in america! So many metro detroiters complain but you dont know what your talking about. Sure, we're losing jobs in manufacturing, its only because you guy dont want to go to college! look at ann arbor its booming because of the diverse jobs. we have diverse jobs in metro detroit also.
all i'm trying to say is were metro d and we have to honor that.

[dereklow]

But Michigan housing is droping in value faster than any of the others. I have looked in Atlanta and you can not afford to buy there. prices do not seem to go down in most other cities. But detorit is not selling homes.

[trudawg]

Bottom line is it's bad for ALOT of people not just poor inner city folks that most of you poeple could care less about anyway. Their are alot of hard working upper-middle class blue collar families losing their homes.
Property value has sunk like a rock in MI. I moved to AZ last year, and still own my home in MI, and the property taxes are double what I paid when I purchased 6 years ago, and it's probably worth less that what I paid for it. I'm on a 5 year ARM and in 09 the rates will sky-rocket, and honestly I will walk away from the house, after I finalize the purchase of my new home in AZ.
It's not just MI either, some of the outlying western phoenix suburbs have experienced a 25% drop in propety value per the tax assesments that came out today, yet the property taxes remain the SAME! What a crock!