87% of Detroit home buyers now pay in cash

A combination of lower home values, affluent buyers, more investors and individuals who want to skip the appraisals process means that all-cash transactions in Detroit are spiking through the roof.

Detroit gets $30M to rejuvenate blighted neighborhoods

The AFL-CIO Housing Investment Trust (HIT) announced that it will invest up to $30 million in the Detroit Neighborhood Home Repair Program, a partnership with leading civic and community organizations to rejuvenate up to 300 single-family homes and properties that have faced decades of blight.

Squatters dash Detroit’s housing clean-up hopes

To stabilize its housing market, Detroit city officials are on a mission to clear tens of thousands of abandoned, dilapidated houses – remnants of the foreclosure crisis – throughout its city, but squatters are preventing them from bulldozing the homes. photo credit: ellenm1 via photopin cc Detroit does not allow occupied properties to be demolished.

Read More »

Herb Strather Revealed As Detroit’s Mystery Blight Buyer

Herb Strather, a casino and real estate developer in Detroit, has big plans for the more than 6,000 foreclosed homes he recently snagged in an auction.

Detroit Foreclosure Auction Attracts $3M Bid for 6,000 Crumbling Homes

Detroit is on a mission to unload its blight, with plans to foreclose on one of every five properties in default in the city. Last week, in a mega-auction, one bidder offered up $3.2 million for a bundle of more than 6,000 foreclosures, which equates to about $500 per property.

Cost of Eliminating Detroit’s Blight Could Rise to $1bn

Detroit could face a price tag approaching or even surpassing $1 billion to remove blight, according to a report released by a special task force appointed by President Barack Obama.

American Cities: Safe or Unsafe, and Are We More Than a List?

The Congressional Quarterly (CQ) has announced the safest and most dangerous cities in America in which to live. According to the latest FBI figures from their Uniform Crime Reporting (UCR) 2011 data, released Fall 2012. According to the data (PDF) El Paso, Texas is the safest big town, and Detroit tops the list of “least” safe places to live. But there’s more to this story than a simple list of good and bad cities. These are, after all, American cities. Please read until the end.

Detroit Real Estate Tough, But Looking Brighter

Detroit real estate, residential and commercial, may be on its way back according to new reports. Where other city real estate industries have not yet bottomed out apparently, Detroit appears headed back up the profitability ladder. A panel at the University of Michigan School of Business said last week that opportunities are emerging.

RealtyBizNews: Real Estate Marketing & Beyond