The prices of foreclosed dwellings and federal homes in Southfield, Michigan, have gone lower in the past few years. This has led to more people relocating from nearby cities to the suburban area. Majority of those who have moved to Southfield are African Americans coming from the inner cities of Detroit.
According to local realtors, typical Southfield foreclosures are selling between $40,000 and $60,000. The median selling rate of all types of residential properties in the area has gone down to $130,000 from $190,000 a few years earlier. For those who cannot afford or who do not wish to purchase a house, for-rent dwellings are also abundant. Because of the increased number of vacant houses, rents have also gone down considerably.
Census reports showed that more than 15,000 renters are in Southfield as of 2009, a big jump from the estimated 13,000 recorded in 2006. Housing market observers reported that sellers of Michigan foreclosures in general are taking advantage of this development and renting their properties out to the newcomers. However, local officials stated that the rise in the number of big city dwellers moving into Southfield has created some neighborhood problems.
According to them, some of those who have lived in the suburban area for quite some time are resenting the newcomers who have purchased the distressed houses and federal homes in their neighborhoods. A number of old-time residents have revealed that it is not just the difference in the amount paid for the houses, but also the behavior of newcomers, with most of them used to big city practices that are uncommon in suburban neighborhoods.
Housing analysts stated that the flood of relocation to Southfield is mainly due to the housing market crisis. They stated that a lot of people have lost their properties to foreclosures in big urban areas like Detroit and they are moving to Southfield because prices of properties available in the listing of foreclosed homes for sale in the area are something they can afford.
Local officials and market analysts have stated that the problem of bank foreclosures and distressed federal homes is changing the landscape of suburban regions not only in Michigan, but also all around the U.S. Further changes are expected as more old-time residents are considering moving to other places.
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