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Old 06-04-2008, 03:02 PM
 
214 posts, read 997,057 times
Reputation: 100

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Has the housing crunch hurt detroit in a negative way. Are like whole neighborhoods abandoned like in Slavic Village, Cleveland. In san diego home prices declined steeply but there isn`t alot of vacant homes its still doing pretty good. I know Metro Detroit was #1 in foreclosures last year but they didn`t show how foreclosures affected the city that much. I`m into real estate and just would like to know. Thank you
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Old 06-04-2008, 07:19 PM
 
41 posts, read 106,372 times
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Sam721: Most of the foreclosures in Michigan cities including Detroit, are because people had a lost of Real Income. Ford, Chrysler, General Motors, Delphi, American Axle, and other companies are downsizing, and outsourcing jobs. At these companies most employees earned what is call the "living wage" created by Union management and its members. The new living wage has been decreased to $10.00 - $14.50 per hour. If you no longer have an income of $40,000.00 - $80,000.00 a year on the average, you will lose your home, car, and usable income including credit cards.

Millions of households have been effected and now their Credit Reports have a Foreclosure mark on it and it will not be removed for many years!! Yes, Detroit is hurt, but the suburbs are more devastated because that is where the real money on home purchase loans were spent. Detroiters on the whole, have less income, therefore they qualified for less or lower loan dispersements. Regardless of what has been said about secondary mortgages, minorities did not received the vast majority of the mortgages because the mortgage companies would not give them credit!! Detroit's foreclosure rates are mostly attributed to "loss of real income" because of the lost of manufacturing jobs. What has happened in this country has hurt everyone. Many do not realize that all of our Quality of Life has been effected by the Global Economy and International Trade practices.
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Old 06-05-2008, 12:31 PM
 
214 posts, read 997,057 times
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Thanks Tinnie for answersing and your exactly right about this global economy and trade practices these people in washington don`t have a clue . Has the housing crisis added more homeless,crime,vacant homes in detroit proper were there any areas doing good until the housing crisis and ae now suffering with problems from vacant homes like Cleveland.
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Old 06-05-2008, 02:11 PM
 
41 posts, read 106,372 times
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Sam721: Yes, Detroit has a large housing supply. Most of your middle-class and upper middle class neighborhoods are still very nice. Sherwood Forest, East English Village, The University District, Rosedale Park, Grandville area, the New Jefferson Village subdivision, Copper Canyan, Russell Woods, Greenacres village, Palmer Woods, and many pockets of the Old Redford area. There are 3 police officers in my family and they live in several of the above communities. There are some vacant houses. We are in a great recession, not a depression yet!! Therefore, there are many homes foreclosed on because of job and credit loss. Many are in nice areas. Also, some were lost for Taxes. Hope this will help.
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Old 06-05-2008, 02:41 PM
 
1,851 posts, read 2,292,617 times
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The foreclosure crisis has slowed the revitilization of those few neighborhoods in the city proper that were re-surging or already pretty stable/established. There are TONS of homes in all of the Detroit neighbhorhoods, ranging from ritzy to slummy, that are sitting empty.

Unfortunately,many, many, many of these foreclosed houses are being broken into and stripped of copper, aluminum, antique doorknobs, antique wall sconces, antique ceiling light fixtures, leaded-glass casement windows, leaded and beveled glass interior doors, fireplace mantels, clawfoot tubs, radiators, furnaces, old cast iron bathtubs, kitchen cabinet doors w/stained glass, and on and on and on.

THIS IS AN EPIDEMIC AND IS NOT BEING CURTAILED, BECAUSE
(1) the police won't take the effort to catch these thieves (or they don't have the resources)
(2) not enough of my fellow residents care either

The foreclosure crisis has ACCELERATED the decline of neighborhoods that were in a slow, steady decline, neighborhoods such as Dexter-Davison, and the neighborhood in which I reside, Warrendale. There is a block of Sturtevant Street in the Dexter-Davison neighborhood where almost all of the once beautiful two-family flats pn the south side of that street are abandoned, many of them torched, and ALL of them stripped.

Also, the mortgage crisis has also slowed the re-birth of Downtown Detroit. I know of at least one condo project next to the Book Cadillac that was shelved because of the mortgage crisis, and several smaller loft conversion projects that have stalled.

It is having a big effect on Detroit and the metro area.
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Old 06-06-2008, 03:31 PM
 
214 posts, read 997,057 times
Reputation: 100
Thank you all for answersing hope things get better.
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Old 06-09-2008, 07:26 PM
 
4 posts, read 13,360 times
Reputation: 13
my husband chased down a teen who threw rocks at our car and the teen had a good head start..my husband caught him..and dragged him by his collar (whispering in his ear all the way 'you don't know who you are messin with') to the rental office and waited for the police...we never pressed charges but those teen never showed up on our doorstep again....eveh!

on edit: we plan on moving to Detroit..and my husband has scared men who have attacked him..he aint no scardy cat...and guns..he can have them short or long...to defend his home and hearth..but he will NEVER go looking for trouble

Last edited by angstless; 06-09-2008 at 07:28 PM.. Reason: to explain we are moving to Detroit
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Old 06-10-2008, 11:24 AM
 
Location: Tokyo
156 posts, read 519,222 times
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Quote:
Originally Posted by angstless View Post
my husband chased down a teen who threw rocks at our car and the teen had a good head start..my husband caught him..and dragged him by his collar (whispering in his ear all the way 'you don't know who you are messin with') to the rental office and waited for the police...we never pressed charges but those teen never showed up on our doorstep again....eveh!

on edit: we plan on moving to Detroit..and my husband has scared men who have attacked him..he aint no scardy cat...and guns..he can have them short or long...to defend his home and hearth..but he will NEVER go looking for trouble
Thanks for that non-sequitor, Mrs. Charles Bronson.
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