Stately Detroit Homes Rot As Appraisals Stall Sales

 

 

 

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The city now has 8 people per acre, down from 21 per acre in 1950, and 65,000 vacant homes, many slated for eventual demolition. With the city teetering on the brink of bankruptcy after running up a budget deficit of almost $327 million last year and facing $14 billion of long-term obligations, the state appointed Kevyn Orr, a bankruptcy lawyer who helped save carmaker Chrysler Group LLC, as the city’s emergency manager…

FULL STORY HERE!

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