supernova

INVESTORS BUY UP FORECLOSED HOMES IN
DETROIT

Detroit, MI 

 Positive activity in the real estate market is happening fast in
Michigan.  Nearly 2000 homes, now worth considerably less than they were before, are available for $10,000 or less in
Detroit. Investors from across the globe are zooming in, some buying land in bulk..With prices as low as $1 or less, foreclosed properties are being scooped up by the dozens.       This is shaping up to be a positive return on one of the investments from the Obama Administration, and it is happening at a crucial moment. The Administration has been under fire lately from Republicans, complaining about the amount of money being spent to revive the economy

       The downside of this is the obvious evidence of how many homeowners have been affected by the slumping economy of the past year and a half. Slumping on so many fronts that if I weren’t seeing it on a daily basis, I wouldn’t believe it.

This is especially good for a town that has been directly affected by the struggling auto industry.

 Detroit, at one point, boasted one of the highest owner-occupied housing rates in the country, but because of the thousands of auto industry lay-offs recently, many families have been in danger of losing their homes.

        Since the 1950s, the population of the city has shrank some 50 percent, so with this business risk, the remaining homeowners could possibly see some growth in the value of their homes. With improvements to their neighborhoods, and less foreclosed properties on the block, homeowners in those affected areas could potentially start to see their homes regain some of their previous value. the  Though its a risky business move, it is better to get a small amount of money for the foreclosed properties than to just have them sitting stagnant

       If this chess move catches fire in other states, we could see major progress toward stabilization in the housing market, where home sales have been dismal for some time now.

       The economy needs some good news after nearly a year of dismal economic reporting across the nation

 Perhaps the stock market will continue to react positively as a result.

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