The 2008-9 financial crisis had a devastating impact on the state of property in Detroit. One Detroit group describes the last six years of property deterioration as “A Hurricane Without Water.” I think it is an apt metaphor. The financial crisis probably served as the last push to tip a lot of Detroit properties and property owners over the edge. Detroit has some of the highest property taxes relative to the value of homes in the nation. The crisis came at a moment when home values had already been declining for years. All of the sudden there was a precipitous drop in value, yet assessments remained incredibly high, city services further declined, and you had tens of thousands of people facing a situation where their house was worth $20,000, they owed $3,000 or so a year in property taxes, and were delivered very poor city services for that exorbitant sum. So they left. They were kicked out via speculators buying their homes at foreclosure auctions, they started renting, left the city, bought a cheaper place. All kinds of things. goobingdetroit.tumblr/ Sound like Baltimore ? Morning Sunday, reporting
Posted on: Thu, 12 Jun 2014 01:35:56 +0000
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