The state of Michigan has always been the one place in the country that was known as the Motor City. The place where all of the American Iron came from and the muscle cars from years ago were born before the foreign car invasions.
The Detroit foreclosure listings contain a whole lot of single-family dwellings that were built by and for the folks that built the auto industry into the mega market that it is today. As the jobs began to fade and people started looking for either new lines of work or places to live that were outside of the grit of the metro area, the houses began to fall empty and a good many of them became foreclosure listings.
The market on foreclosures here in Detroit is nothing new and even the oversized volume of homes in that market is not something that is entirely new. But the speed with which these foreclosures have been happening, as of late is the big reason for concern here.
The range of houses varies from the smaller single family mid fifties style homes in the central parts of Detroit to some fairly large and modern units in the near suburbs of the city. The executives of the auto industry have been affected hard by the current slow downs and the result is that there are a lot of upper end homes on the market in Detroit that are recent and of good construction in nice neighborhoods being offered at prices that can only be described as bargains.
The state of Michigan as a whole is economically depressed due to a lack of industry outside of tourism. And even the travel industry has been hard hit so the areas that were traditionally higher end are now seeing a lot of foreclosures happening as well.