Foreclosures, Vandalism on the Rise in Detroit Suburbs
Foreclosures/Short Sales
As you probably know, the real estate market in many parts of the United States is on the decline. In turn, foreclosures are on the rise. If this is not bad enough, many of these foreclosures, especially in some suburbs of Detroit, are being vandalized on a regular basis. This not only leaves these neighborhoods empty, but the homes left behind are no longer appealing to passer-bys.
Highland Park is one example of an area that is struggling mightily to keep its head above water. Several years ago new homes were offered at a price point of $130,000 to $155,000. To go along with this, they featured a rent to own program that was meant to attract first time buyers. Instead of this happening, the area has more or less died down. Michael Curry, a local resident said, “This whole thing was a rip-off. I think they were supposed to be one thing and turned out to be another.”
The new homes of Highland Park were once thought to be the best way to save the area. Many of these properties are boarded up, some are left wide open, and the majority of them have been foreclosed on.
As you can imagine, the price of these homes has plummeted quickly. For example, one home located on Stevens Street, a 1,300 square foot two story, is currently listed for $11,900. But even at that price, it is safe to say that most buyers are going to walk on by. Simply put, the area is as bad as ever before, most of the foreclosed homes have major problems, and crime is on the rise.
City officials are looking into ideas that may be able to reverse the fortunes of Highland Park, as well as other areas that are in the same position.
Date: Monday, June, 23rd 2008 @ 08:17:14 AMViews: 136
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