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The Detroit House Flop

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posted on Oct, 26 2009 @ 04:32 AM
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In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded.



Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days.


www.reuters.com...




posted on Oct, 26 2009 @ 04:32 AM
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Some 9,000 foreclosed properties were up for auction.

Also make sure to read the entire article. There are heartbreaking stories from some people just trying to buy a house.

www.reuters.com...



posted on Oct, 26 2009 @ 05:06 AM
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One thing the city could have done at that auction was stipulate one bidder, one property. But the gubment does not care about our economy, only what bribes they receive. And look at Michigan, one of the most liberal tax tax tax states. Soon to be the vision of America.



posted on Oct, 26 2009 @ 09:02 AM
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Originally posted by endisnighe
One thing the city could have done at that auction was stipulate one bidder, one property. But the gubment does not care about our economy, only what bribes they receive. And look at Michigan, one of the most liberal tax tax tax states. Soon to be the vision of America.


Yup, done in by conservatives that unregulated everything until greed destroyed the economy of this liberal tax tax tax state. Bush lowered taxes on the wealthy and drove the country bankrupt. How do you so conveniently forget the last 8 years? It won't be the vision of America unless the republicans gain control again. If they do it will be right back to Nixon, Reagan, Bush times again.

but back on topic. It's the payment of back real estate taxes that keeps the properties from selling.



posted on Oct, 26 2009 @ 09:07 AM
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back taxes on property is cause of no-sales?


i see it as Location-Location-Location !!!



posted on Oct, 26 2009 @ 09:25 AM
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Originally posted by St Udio


back taxes on property is cause of no-sales?


i see it as Location-Location-Location !!!


Some of these properties owe thousands of dollars in back taxes. Many of the homes are no longer worth that. They've been vandalized and stripped of copper, etc.



posted on Oct, 26 2009 @ 09:55 AM
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This is not an issue of Democrats v. Republicans. So just stop. What is happening in Detroit is much bigger than pety tax squabbling. Detroit is failing because what it was built on has change drastically. That city used to be a thriving workhorse of industrial factories, good paying jobs, and security for anyone willing to do the work. Those jobs moved as the world began to become more globalized and it became cheaper to have parts produced in other places and shipped back for sale. I dont think this was done out of any sort of malicious intent but if those guys didnt expect those actions to have negative impacts, shame on them. This is a sad development for that city but they have to change in order to survive. This is the 21st century and Detroit will just be the first of many industrial cities to go down unless they find a new image and fast.



posted on Oct, 26 2009 @ 10:18 AM
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Instead of Obama giving detroit housing assistance, why not put the money to give these homes to those that do not have them there? Seems a cheaper alternative to what he did with the 5,000 applications for housing assistance.



posted on Oct, 26 2009 @ 10:23 AM
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reply to post by amatrine
 


If they keep bulldozing then sooner or later all the undesireables will move and the value will go up. Thats what is happening in this town. landlords have to have the property inspected by the police because the original inspectors took bribes and nothing changed



posted on Oct, 28 2009 @ 12:12 AM
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Originally posted by amatrine
Instead of Obama giving detroit housing assistance, why not put the money to give these homes to those that do not have them there? Seems a cheaper alternative to what he did with the 5,000 applications for housing assistance.



Not if these homeless people also have to pay to get the property up to code (or, in many cases, up to reasonable sub-code living standards).

For those who may not be familiar with Detroit:



Not all of the city looks this bad, mind you, but not much of the city is pretty. It has been deteriorating for decades. Detroit has become a case study for the "third-world country within a first-world country" phenomenon that civil engineers and sociologists have been trying to warn us about.


[edit on 28-10-2009 by theWCH]



posted on Oct, 28 2009 @ 12:01 PM
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All I can say is WOW!

line added.



posted on Oct, 28 2009 @ 12:18 PM
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Originally posted by mikellmikell
reply to post by amatrine
 


If they keep bulldozing then sooner or later all the undesireables will move and the value will go up. Thats what is happening in this town. landlords have to have the property inspected by the police because the original inspectors took bribes and nothing changed


No, all that would be left would be the "undesireables". Anyone with means and opportunity to, would move. The only people left are the ones with nowhere to go, or no way to get there. I guess those would be your "undesirables".



posted on Oct, 28 2009 @ 12:35 PM
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The main problem in Detroit, and the reason why many of these properties go unsold, even for $500 or $1 is because of the Tax Liability that they bring. If you purchase a property that the previous owner hadn't paid Property Taxes on for the past 5 years, you are all of a sudden liable for that amount that is still outstanding. Likewise, if you don't have a job and are unlikely to find a job in Detroit, then you can't afford the Property Tax, even if you can afford $500 to buy the house.

People in Detroit are practically giving their homes away (although you have to charge at least $1 for the sale to be legally-binding) just to get out of the Tax Liability that is unbelievably high, even for a place that is so Economically depressed as Detroit.

What needs to happen is that people outside of Detroit need to start buying these properties and renovating them with the assistance of needy families that are jobless and homeless...providing low-income housing to those that need it most in exchange for working towards renovating the properties they are inhabiting.



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