Nearly 40 percent of Detroit residents live below the poverty line. In many cities, poor people rent — but the home ownership rate here is high. After the 2008 housing crash, it took the city of Detroit five years to start reappraising homes — and poor homeowners like Hicks, who lives on disability, struggled to pay their taxes. Over the past decade, there have been more than 100,000 tax foreclosures in Detroit. — Marketplace
“We’re not willing to back down on this.They can put forward as much pressure as they would like but I’m very committed to this program and I’m very committed to the well-being of our neighborhoods.” - Gayle McLaughlin, Richmond’s mayor — NYT
Though the panelists agreed that the foreclosure crisis will lead to major changes in suburban development, they all thought new patterns are less likely to be brought about by a revised American dream than by economic and demographic factors. And all said it would be very difficult to change zoning laws to permit denser new development patterns, especially in existing “inner-ring” suburbs. — archrecord.construction.com
Who needs a fancy designer when builders all over the country know how to construct a peaked-roof single-family house?
The Museum of Modern Art’s small but magnificently ambitious new show “Foreclosed: Rehousing the American Dream” makes an overwhelming case that the two camps need each other now. Today’s suburb has little to do with the outwardly tidy, seething, monochrome world of Updike or Revolutionary Road. — nymag.com
The foreclosure of Bank of America Plaza comes as delinquency rates for commercial mortgage backed securities, or CMBS, a type of loan for commercial properties, reached an all-time high in metro Atlanta in December, according to Trepp, a real estate research firm. — ajc.com
Across America, recession-fueled foreclosures and plummeting home values have left countless properties abandoned and vulnerable to looting. As Scott Pelley reports, the problem has gotten so bad in Cleveland, Ohio, that county officials have demolished more than 1,000 homes this year - and plan to demolish 20,000 more - rather than let the blight spread and render nearby homes worthless. — 60 Minutes - CBS News
Here in Merced, a city in the heart of the San Joaquin Valley and one of the country’s hardest hit by home foreclosures, the downturn in the real estate market has presented an unusual housing opportunity for thousands of college students. Facing a shortage of dorm space, they are moving into hundreds of luxurious homes in overbuilt planned communities. — nytimes.com
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