Report: Michigan Foreclosures Add Homes To Demolition List
A newspaper’s analysis finds more than a quarter of Detroit, Mich., homes with loans that failed during the foreclosure crisis in 2006 and 2007 have been razed or are on the demolition list.
The Detroit News reports that foreclosures are a huge obstacle to the city’s revitalization efforts, with properties being stripped of valuable metal and fixtures quickly after owners are evicted.
Amid its population decline, Detroit has struggled with an increasing number of vacant homes. The newspaper reports that foreclosures from 2006 and 2007 alone added 7,600 homes to the demolition list, and there currently are an estimated 38,000 homes in some stage of demolition.
Karla Henderson, Detroit’s group executive of planning and facilities, says the city is working to find ways to keep people in their homes.
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