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Foreclosures Slow Detroit's Rebirth

Posted: 04/ 2/2012 9:04 am Updated: 04/ 2/2012 9:04 am

Detroit Foreclosures
DETROIT, MI - MARCH 23, 2011: The words, 'God Loves This City' are painted on the front of an abandoned home in Detroit March 23, 2011 in Detroit, Michigan. (Photo by Bill Pugliano/Getty Images)

By Mike Wilkinson and Christine MacDonald, Detroit News

More than a quarter of homes whose loans failed at the height of the foreclosure crisis in 2006 and 2007 have already been razed or are on the demolition list, becoming a huge obstacle to the city's rebirth, a Detroit News analysis shows.

In neighborhoods on the far west side and the northeast corner of the city, as many as two-thirds of the properties that went into foreclosure just five years ago are in the city's crosshairs or already on the ground. The worst-hit areas almost mirror perfectly parts of the city where the most subprime mortgages were issued before they helped trigger the collapse of the banking industry.

Read the whole story at Detroit News


Filed by Simone Landon  |