Detroit housing market remains mystery after bankruptcy

Detroit housing market remains mystery after bankruptcy

DETROIT (Reuters) – The U.S. housing market remains a drag on auto sales, and the industry probably will not return to former peak levels until sometime next decade, the president of Toyota Motor.

After decades of demographic and economic decline, culminating in America’s largest municipal bankruptcy in 2013, many observers were ready to proclaim that the city of Detroit was dead. But.

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The housing market is in a state of adjustment. Inventory is up dramatically in many places. In the last housing correction, Las Vegas was a leading indicator for California and we are now seeing some dramatic increases in inventory in the area.

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The deindustrialization of Detroit has been a major factor in the population decline of the city.. Role of the automobile industry. Before the advent of the automobile, Detroit was a small, compact, regional manufacturing center. In 1900, Detroit had a population of 285,000 people, making it the thirteenth largest city in the U.S. Over the following decades, the growth of the automobile.

But the lifestyle you can. percent of household income on housing, home ownership is more manageable in Atlanta than many other major cities. In part because the city was hit hard by foreclosures.

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Americans still favor owning over renting, but for how long?

fed rescue efforts ultimately led to a major stock market and housing rally, which culminated in the mid. Below the federal level, the recent city of Detroit bankruptcy announcement is likely the.

From Less-Splendid Housing Bubbles to Crushed Markets in. – The index remains 3% below its record in December 2005. The chart is on the same scale as Chicago’s: During Housing Bust 1, which coincided with Detroit’s relentless process toward bankruptcy, the Case-Shiller index plunged 46% to levels not seen since 1992, proving that even a weak housing market can get a lot weaker.

Detroit’s bankruptcy process could take a year or more. But development experts who focus on the great lakes region say the city and the nation must get smart about its medium-term future now.

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