Posted on 03/11/2015 2:15:49 PM PDT by barmag25
DETROIT (AP) — Sixty-two thousand properties have faced foreclosure in Detroit this year over unpaid taxes. About half will likely be auctioned for $500 apiece this fall.
Buying homes or vacant lots for $500 might sound inviting, even in a city as troubled as Detroit. After all, look at New York: Decades of crime and decay gave way to a real estate boom that has gentrified even outlying working-class neighborhoods. Properties that sold for thousands in the bad old days are now worth millions.
But there are no guarantees. "The opportunities are there but there are huge challenges," said Dang Duong, a law and business student at the University of Michigan who has bought and renovated several dilapidated homes in Detroit. "If you're under the impression you can buy a property for $500 and wait a few years until Detroit has recovered, that's going to be difficult."
(Excerpt) Read more at seattlepi.com ...
Of the various cities and states I have lived and/or worked in during the last fifty years, Detroit is the one I least want to return to!
I’ve never been in the state or in Detroit but I don’t want to go back there either!
They blame the current Governor who is Republican. Can you believe the gall of liberals?
The demographics of Detroit have sealed its fate. The place is filled with them. Detroit will never be able to rebound while they are predominant.
I am referring, of course, to Democrats.
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