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Old July 25th, 2008, 04:13 PM   #7
JohnnyJ
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Quote:
Originally Posted by WSU JK View Post
Along with lowered property values, the people who remain in the neighborhoods are going to be faced with dealing with other factors that are associated with lower property values such as increases in crime, higher resident turn-over, lower percentage of owner-occupied homes, increase in abstee landlords, etc...
Everybody is experiencing price drops. It's not like Detroit's property values are going up and Warren's are going down. It's a drop across the board. Pair that with high unemployment which is hammering the lower classes more than the upper classes, and it will stay on balance the same.

Urban plight has been growing in many areas, especially around Detroit where it's not managed. Using the Detroit riots as a baseline, 8 mile was the line. Over the past 30 years, that line has been moving out slowly. Now in many areas you don't want to be below the trench. That will likely expand unless managed. The city of Detroit has definitely shown that it does not know how to manage it.

Those areas in the danger zone may see more, but on balance, I think this is overreaction.

Quote:
Originally Posted by WSU JK View Post
Also, the cities and school districts that these foreclosed homes are in will experience decreases in tax revenues which will force them to cut back on city services and school spending.
They will also have less students to teach and less people that utilize the services. Generally, losing industry hurts much more to the tax base than residental unless it is a bedroom community with no commericial/industrial tax base.
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