A visual glimpse into Detroit’s housing declineby Tim Manni
Detroit has suffered from a domino effect of declines. The city’s declining industrial base has taken away jobs, causing residents to flee what was once America’s fourth-largest city.
The lack of jobs and declining population has triggered a massive wave of foreclosures which only served to bring home prices down further, and left already-abandoned structures to decay even more.
According to figures released by Realcomp, the median home price in Detroit (for the fourth quarter of 2010) was a shockingly-low $66,300. In comparison, the median home price (for the same period) in Orlando, Florida, an area of the country that has been hammered by foreclosures and falling home prices, was $128,400.
The Huffington Post published a slideshow this week in which they describe the pictures as a “haunting” look at Detroit’s decline.
CLICK HERE to view this slideshow.
In related news, Bank of America is reportedly set to help the city of Detroit demolish certain abandoned structures and will donate the plots to the Motor City to increase their Green farming initiatives:
Bank of America, the country’s largest bank by assets, has announced an initiative to demolish one hundred abandoned Detroit homes currently under the bank’s ownership, a task that CEO Brian T. Moynihan says will “help ‘right-size’ the city,” according to the Detroit Free Press.
The bank, which estimates the costs at $1 million, says the land plots will be donated to the city “for green space, urban farming or redevelopment.”