Detroit Rising: Life after bankruptcy. One year after approval of the city’s bankruptcy exit plan, Detroit’s financial future still hangs in the balance. These days, Detroit is still struggling to recover from the 2008 financial crisis, and the two banks have pledged to help resuscitate the city and its crippled housing market.
After decades of demographic and economic decline, culminating in America’s largest municipal bankruptcy in 2013, many observers were ready to proclaim that the city of Detroit was dead. But.
Detroit’s bankruptcy process could take a year or more. But development experts who focus on the Great Lakes region say the city and the nation must get smart about its medium-term future now.
· Detroit Economy Seen as Recovering, Survey finds april 27, 2016 Two years after Detroit’s emergence from bankruptcy, a number of indicators suggest the city is becoming more economically stable and attractive to potential investors, a report from the Kresge Foundation finds.
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Fannie and Freddie give green light to resume sales of foreclosures The 30-year mortgage, a product of the Depression The FHA's primary function was to insure home mortgage loans made by banks and other. the repayment period of home mortgages from 5-10 years to 20-30 years.. over time and produce the highest returns, or property values, for residents.. Great Depression, worldwide economic downturn that began in 1929 and.Foreclosure Fiasco – CNNMoney.com – Business – Foreclosures made up 26% of U.S. home sales in first quarter. Apr 9: The $26 billion foreclosure settlement has been given the green light, making it possible for roughly two. millions of homeowners out in the cold, especially those with mortgages held by Fannie or Freddie. Bank of America to resume foreclosures .
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· Detroit is an extreme case of what has affected other major, old industrial cities in the country. As the industrial cities in the United States declined, only Detroit hit rock bottom with $20 billion in unpaid bills in 2013 that led to the single largest municipal bankruptcy in US history.
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STOCKTON, California (Reuters) – Stockton, California’s city council approved a plan on Thursday for the city to adjust its debt to exit from bankruptcy after reaching a deal. and a crash in the.
Things got so bad that the city had to file for bankruptcy in 2013. But now, Detroit is one of the hottest real estate markets in the country, according to at least one report. The latest housing forecasts suggest that it could be a strong performer in 2018 as well. One of the ‘Hottest’ Real Estate Markets in the U.S.