Monday, March 16, 2009

Detroit Rent City

Got a buck in your piggy bank? Then you can buy a home in Detroit. Investors worldwide have been scooping up Detroit homes in bulk for a fraction of their value; many under $10,000 and some for as low as a dollar. Detroit has been targeted due to a large volume of single home dwellings and home values that have plummeted much more than other areas in the country. The effect of these large scale investor purchases is that Detroit now has the lowest home ownership rate of the 20 largest cities in the country. The positive of all of this is that many previously run down homes have been repaired and neighborhoods have been revitalized. The negative is that non-foreclosed homes can't sell and owners have seen their home values sink.

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