From low appraisals to a dearth of conventional mortgage lending to a glut of supply (often in desperate need of renovation), Detroit's housing market faces a slew of issues that make it one of the most challenged and unusual in the country.
So how do you "restore a functional housing market in a city in which neighborhoods are disappearing, banks aren’t lending and property values are among the lowest in the nation?" That's the question the Washington Post asks in a recent feature story
What they found in Detroit is that unusual circumstances are being met with unusual measures to prop up housing values throughout the city.
"Civic and business leaders are targeting eight neighborhoods that they determined have the best chance of turning around," writes the Post's Kathy Orton. "To clear out the inventory of vacant houses, the city is moving aggressively to demolish structures that are beyond repair and auction ones that are salvageable."
Read more about efforts to restore the weak housing market in Detroit's neighborhoods in the Washington Post