Motor City Rebirth Slowed By Big Chunk Of Foreclosed Homes Succumbing To City Wrecking Ball As Soured Debt Leaves Motown Riddled With Reposessions

In Detroit, Michigan, The Associated Press reports:

• An analysis finds more than a quarter of Detroit homes with loans that failed during the foreclosure crisis in 2006 and 2007 have been razed or are on the demolition list.



• The Detroit News reported [] that foreclosures are a huge obstacle to the city's revitalization efforts, with properties being stripped of valuable metal and fixtures quickly after owners are evicted.



• Amid its population decline, Detroit has struggled with an increasing number of vacant homes. The newspaper reports that foreclosures from 2006 and 2007 alone added 7,600 homes to the demolition list, and an estimated 38,000 homes currently are in some stage of demolition. Karla Henderson, Detroit's group executive of planning and facilities, said the city is working to find ways to keep people in their homes.

Source: Report: More than 25 percent of foreclosed Detroit homes now razed or on demolition list.

See also, The Detroit News: Foreclosures slow Detroit's rebirth (Detroit riddled with repossessions from height of housing meltdown).