Detroit registered the highest foreclosure rate among the nation's 100 largest metro areas, with close to 5 percent of its households entering some stage of foreclosure during the year -- 4.8 times the national average and up from about 3 percent in 2006. A total of 72,616 foreclosure filings on 41,273 properties were reported in the Detroit metro area in 2007, up 68 percent from 2006. The other Michigan metro area with a foreclosure rate in the top 20 was Warren-Farmington Hills-Troy at No. 17.
With 4.866 percent of its households entering some stage of foreclosure during the year, Stockton, Calif., documented the second highest metro foreclosure rate.
Saturday, February 16, 2008
Tuesday, February 12, 2008
Campaign helps developers market inexpensive Detroit properties
he D Brand is about promoting the city's strengths while acknowledging its challenges. Developers and business owners say an application of the brand for urban revitalization works too.
Resurrecting a dead property has been a fascination for Avinash Rachmale, CEO of Lakeshore Engineering Services. Rachmale first renovated a warehouse in Highland Park with his own money. He recruited investors and landed government contracts, which enabled him to restore an eight-story, 245,000-square-foot building once owned by Henry Ford's prototype team.
Resurrecting a dead property has been a fascination for Avinash Rachmale, CEO of Lakeshore Engineering Services. Rachmale first renovated a warehouse in Highland Park with his own money. He recruited investors and landed government contracts, which enabled him to restore an eight-story, 245,000-square-foot building once owned by Henry Ford's prototype team.
Wednesday, February 6, 2008
Residential real estate market in Detroit
Dave Blaszkiewicz, president of the Detroit Investment Fund, will give a presentation on who's moving to Detroit and what are the residential real estate opportunities. The $52 million Detroit Investment Fund is a private-capital fund that offers financing for businesses and real estate projects that can stimulate economic development in Detroit.
Afterward, a panel of Realtors who sell in Detroit will discuss their experiences and take questions from the audience.
Afterward, a panel of Realtors who sell in Detroit will discuss their experiences and take questions from the audience.
Saturday, February 2, 2008
Outside investors hot on Detroit commercial real estate
Metro Detroit's inventory of commercial real estate continues to provide hot prospects for out-of-town investors.
Seven of 2007's 10 biggest sales were purchased by companies or investors outside metro Detroit. The area's reputation as a risky place for investment has been both good and bad.
Seven of 2007's 10 biggest sales were purchased by companies or investors outside metro Detroit. The area's reputation as a risky place for investment has been both good and bad.
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