According to an analysis by Detroit News, nearly one-fourth of the foreclosed properties of 2006-07 have been demolished or are waiting in the demolition list to be razed soon. These foreclosures were paved out of this city to give a new look, heralding the rebirth of this city.
The neighborhoods in the extreme western zone and in the north-eastern region have knocked down 2/3 of the foreclosed properties that emerged in this city five years back. These foreclosures have either been demolished or will be removed shortly.
According to recent records by RealtyTrac, the foreclosure rate has slowed down here, with a total of nearly 28,000 foreclosed properties since 2007. But there could be more vacancies.
In the words of a retired labor professor of Wayne State University, Steve Babson who lives in East English Village, “I don’t think you can engage in any credible program for economic recovery if you let this foreclosure crisis go unchecked.”
For the Mayor of Detroit, Dave Bing, it is his top priority to reshape the city with foreclosure free neighborhoods. At present, the most important project for him is the Detroit Works Project, which focuses on targeted neighborhoods to give a new shape to these areas. However, the progress of this program is being hampered due to the increasing number of vacancies. This increase in the number of vacant and abandoned foreclosed properties is weakening the already weak tax base, affecting the recovery program and also affecting the standard of living of the common people.
In some parts of this city, it is almost impossible to absorb abandoned foreclosed properties. In these areas, whenever evictions from foreclosed properties take place, the strippers burnt down these properties within days.
A 30 years old man, Armando Wilson, living in Vaughan Street said, “It makes everyone want to leave. Everybody is leaving Detroit. They feel there is nothing in Detroit anymore.” He also added that his neighborhood is dotted by burnt homes and house strippers make a regular visit to the area.
For many years, Detroit has been struggling with vacant foreclosed properties, and in a decade (since 2000), the number of residents of this city has moved down by 25%. The foreclosure crisis in 2006 and 2007 added 7,600 foreclosed properties to the knock down list. At present, nearly 10% of the total households in this city are to be demolished shortly. There are about 38,000 properties waiting demolition.
Photo by Ddpavumba
Looking Foreclosed Homes? ForeclosureWarehouse.com has the best online resources of foreclosures in California, Florida, Georgia, Michigan, Texas and all US States – Rebirth of Detroit Likely After Generating Foreclosure Free Neighborhoods