Why are there so many foreclosed homes in Detroit?

Why are there so many foreclosed homes in Detroit?

Since 2005, more than 1-in-3 Detroit properties — 139,699 of 384,672 — have been foreclosed because of mortgage defaults or unpaid taxes, property records show. The vast majority are houses, and the tally is so huge it shocked even those who spent years working on foreclosure in Detroit.

Can you sell a Detroit Land Bank House?

There’s nothing in the Land Bank’s policies and procedures that requires it to make a property available to everyone, and Detroiters regularly complain that the Land Bank won’t sell a house or side lot that they want to purchase.

Who owns all the abandoned houses in Detroit?

The Detroit Land Bank Authority
The Detroit Land Bank Authority owns vacant residential properties, including homes, side lots, and vacant land that may be developed.

What happened to Detroit houses?

A significant percentage of housing parcels in the city are vacant, with abandoned lots making up more than half of total residential lots in large portions of the city. With at least 70,000 abandoned buildings, 31,000 empty houses, and 90,000 vacant lots, Detroit has become notorious for its urban blight.

Who owns property in Detroit?

The Detroit Land Bank Authority (DLBA) owns and manages the publicly-owned residential property in Detroit and sells select vacant homes and residential side lots online.

How do I bid on the Detroit Land Bank?

Visitors must make an appointment at least one business day in advance by calling 313-974-6869 or email [email protected] to make an appointment. Visitors without an appointment will be asked to schedule a date and time to return.

Who runs Detroit Land Bank?

The Detroit Land Bank Authority (DLBA) is a public authority that owns and manages approximately 100,000 parcels of property in the City of Detroit making it the city’s largest landowner….Detroit Land Bank Authority.

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