Business

Houses in Detroit
by kristina leskova

Many American cities are in desperate situation. Even if they are trying to recover from crisis sometimes they just can not fight against somebody who is much stronger. Detroit is a city that is declining. There are many abandoned homes and parcels that remained without owners. This city is perceived as a symbol of the collapse of the US auto industry – two main car industry companies General Motors and Chrysler filed for bankruptcy this year. Detroit was known as Motor city, as a profitable city with significant industry. Nowadays this city has huge problems and that is why there was organized an auction. There were almost 9000 homes and parcels that were abandoned b! ecause the owners could not afford to pay for it. For better imagination – the size of properties represented an area in the size of New York’s Central Park. And if we summarize the free land in Detroit it almost represents the size of Boston. There are many abandoned properties and it is awaited that this number will rise further. But this auction visited many investors from California and New York who wanted to buy the best properties for low prizes. Of course there were also people, mostly local, who wanted to buy some property but they were not able to compete with investors. Many of potential buyers were not satisfied. They were waiting for some property but they were quickly outbid. The investors offered more money and potential buyers could not do anything. A woman was waiting for a parcel in Brightmore for many years. She wanted to buy a parcel in her neighborhood and wanted to plant there fruit trees. But officials said her that she would have to wai! t for fourth day. This was unable for her because she is worki! ng and s he can not wait so long for a parcel. But the investors have enough time to discuss the prize.

related story (sgx15718): http://news.yahoo.com/s/nm/20091025/us_nm/us_usa_housing_det...

by kristina leskova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 4:07 PM