Tough Times in Detroit, But Some Hope Remains

One in five Detroit homes is in foreclosure and asking prices are dropping to extreme lows. Many in the city question what lies in the future for the struggling city.

"Houses on sale for a few dollars are something of an urban legend in the US on the back of the mortgage crisis that drove millions of people from their homes. But in Detroit it is no myth.

One in five houses now stand empty in the city that launched the automobile age, forged America's middle-class and blessed the world with Motown.

Detroit has been in decline for decades; its falling population is now well below a million – half of its 1950 peak. But the recent mortgage crisis and the fall of the big car makers into bankruptcy has pushed the town into a realm unique among big cities in America."

But while homes sell for just a few dollars and desperate homeowners set fire to their houses to try to claim insurance money, some retain hope for a type of revival in the city.

Full Story: Detroit homes sell for $1 amid mortgage and car industry crisis

Comments

Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

New! 4th Edition of the Planetizen Guide to Graduate Urban Planning Programs just released.
Starting at $24.95

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $209
Woman wearing city map tote bag

City Shoulder Totes - New Cities Added!

Durable CityFabric© shoulder tote bags available from 7 different cities.
$22.00

Essential Readings in Urban Planning

Planning on taking the AICP* Exam? Register for Planetizen's AICP * Exam Preparation Course to save $50.
$369 includes free shipping!