HOUSINGNEWS REPORT
LOCAL SPOTLIGHT: DETROIT
Detroit’s Rocky Housing Rebound
BY JOEL CONE, STAFF WRITER
A seven-year stretch of ranking in the nation’s top 10 metro areas for most foreclosure filings, along with high unemployment and a population exodus during the Great Recession — followed by the largest municipal bankruptcy in U.S. history — took the Motor City into an economic abyss from which it is finally emerging.
“What we’re seeing now is a nice mix of urban revitalization and talent attraction,” said Peter Chapman, executive vice president of business development for the Detroit Economic Growth Corporation. (DEGC). “We have major corporate stakeholders in downtown and the urban core. When you look at cities that are undergoing positive change, one of the things you
have to have is family and friends money. That’s the first wave of investment you see like the projects by the Ilitches and Dan Gilbert.” Chapman was referring to Dan Gilbert, chairman and founder of Quicken Loans and Rock Ventures, and the Ilitch family, founders of Little Caesars Pizza, both key drivers for
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JANUARY 2018 | ATTOM DATA SOLUTIONS
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