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Residents Face Fire and Impact of Foreclosed Homes for Sale in Detroit

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By : John Cutts    99 or more times read
The numerous foreclosed homes for sale in Detroit, Michigan had created a bleak environment for city residents. According to some homeowners, vacant homes near their residences are mostly covered in graffiti, with valuables inside the premises all taken by robbers until there was nothing left.

The problem of thousands of vacant houses, including JPMorgan Chase homes for sale, was recently made worse when a wildfire consumed most of these empty premises, creating a charred, gutted look at the east side of the city. Residents in affected neighborhoods are now left wondering for how long these burnt structures will be left as they are.

Majority of Michigan foreclosed homes are reportedly left empty or abandoned, with a big percentage of them located in the city of Detroit. Over 30,000 vacant homes are said to be in the city, with Mayor Dave Bing reportedly pledging that around 3,000 will be torn down this year and an additional 3,000 will be cleared by next year.

The fire reportedly destroyed more than 80 empty foreclosed homes for sale in Detroit and damaged several neighborhoods, including those that are relatively in good condition. Although there were no reported casualties from the fire, local officials stated that it was one of the worst since the 1980s when arsons became common in several neighborhoods during weeks leading to the Halloween holiday.

Residents of neighborhoods that were affected by the fire have stated that they are worried that it would take a long time for authorities to clear the burned down structures. They stated that this will create more problems for communities that are already suffering from high number of homes under listings of bank foreclosures.

They further added that the city has been suffering greatly since the start of the housing market crisis. This was made worse by the fact that over 30% of adults in the area have lost their jobs or are trying to live through pay cuts.

The problems, residents have revealed, have resulted in increased crime rates. Most families living in the city are willing to stay and ride out the challenges, but majority of them have also asserted that something should be done to arrest the impact of thousands of empty foreclosed homes for sale in Detroit.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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