Housing-News-Report-January-2018

HOUSINGNEWS REPORT

DETROIT’S ROCKY HOUSING REBOUND

from tech companies that want to enter the automotive space. It requires a whole new set of suppliers,” said Justin Robinson, vice president of business attraction at the Detroit Regional Chamber. “The PlanetM Landing Zone is a physical point of entry for the best mobility startup companies to come and do business with the auto industry,” noted Robinson, who added that there is interest from more than just companies in Japan and Germany, but

also companies from Israel, Norway, Sweden, the Netherlands and the United Kingdom, all of which are interested in the industry’s autonomous future. Foreclosures Still ‘Tax’ the City Millions of homeowners around the country lost their homes to foreclosures due to mortgage default back when the nation’s real estate market took a nosedive in 2007. Thousands of Detroit homeowners suffered through the job losses and foreclosures of that time as well.

But in addition many local homeowners have lost homes due to unpaid property taxes triggering foreclosures after three years of non-payment. According to a recent study conducted by two professors, between 55 to 85 percent of Detroit properties sold from 2008 to 2015 were assessed above the 50 percent of market value permitted by the Michigan State Constitution in violation of the Headlee Amendment of 1978 and Proposal A which followed it, coming down particularly hard on the lower income population. A total of 6,624 single family homes and condos in the Detroit metropolitan statistical areas were foreclosed on as a result of unpaid taxes in 2017, down 49 percent from 2016, the second consecutive year with a 49 percent decrease, according to ATTOM Data Solutions. Despite the dramatic decrease in Detroit tax foreclosures

“Autonomous, connected, electric and shared transportation technologies. That’s where we’re seeing interest from tech companies that want to enter the automotive space. It requires a whole new set of suppliers.”

JUSTIN ROBINSON VICE PRESIDENT OF BUSINESS ATTRACTION DETROIT REGIONAL CHAMBER

DETROIT METRO MORTGAGE FORECLOSURES THIRD-PARTY FORECLOSURE AUCTION SALES BANK REPOSSESSIONS AT FORECLOSURE AUCTION (REO)

12,000

10,000

8,000

6,000

4,000

2,000

0

!

Q1 2000

Q1 2002

Q1 2004

Q1 2006

Q1 2008

Q1 2010

Q1 2012

Q1 2014

Q1 2016

Q1 2017

24

JANUARY 2018 | ATTOM DATA SOLUTIONS

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