Showing 2 results for:
foreclosures
Popular topics
All results
A new report has shown celebratory news for Detroit, MI. “The Growth of Housing Wealth in Detroit and its Neighborhoods: 2014-2022,” a study by the University of Michigan Poverty Solutions, has been released showing that Black homeowners in Detroit have “gained $2.8 billion in home value,” per a news release. View this post on Instagram A post shared by City of Detroit (@cityofdetroit) Beginning in 2014, the study was conducted after Detroit’s municipal bankruptcy. In July 2013, Detroit became “the largest U.S. city to file for bankruptcy,” per AP News. The news release details that the study had a goal of finding out if the city’s housing values had seen growth across those nine years, and if these improvements had been fairly distributed across Detroit neighborhoods and racial/ethnic groups. With an 94% overall increase in home value, and 80% increase for Black homeowners specifically, since the study started, Detroit Mayor Mike Duggan credits residents stabilizing...
When it comes to mortgages, don’t play with the bank’s money — or you risk undergoing foreclosure. Amazingly, according to a press release, foreclosures throughout the United States were at an all-time low in 2021 — despite the devasting effects of the pandemic. The press release, which was dropped by ATTOM — a company that collects foreclosure data throughout the United States — reveals that just over 150,000 properties are in default as of 2021. Illinois and Florida, however, are the two states in the union that have the highest rates of foreclosure, and one in approximately 7,600 properties throughout the United States faced a potential filing in 2021. “The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” said Rick Sharga, executive vice president at RealtyTrac, an ATTOM company, in a statement provided in the press release. “Government and mortgage industry efforts have prevented millions of unnecessary foreclosures, and while it’s likely...