48221, Detroit, MI

Detroit is a city that has been struggling for many years. The economy has been in decline for quite some time, and the city has had to make many tough decisions in order to try and get back on its feet. One of the biggest decisions that the city had to make was how to deal with its large home equity and home prices.

The city decided that it would be best to try and auction off all of the homes that were owned by the government or by private citizens who were not able to pay their mortgages. This was a very difficult process, but it was necessary in order for the city to get rid of as much of its debt as possible.

As a result of this auction process, home prices in Detroit decreased significantly. However, they have slowly started to increase again over the past few years, partially due to new development projects being completed in the area and partially due to people who are looking for safe investments moving back into Detroit.

It is important to note that while home prices have increased somewhat recently, they are still much lower than they were before the economic downturn occurred. In fact, according to Zillow’s recent report on housing affordability across America, Detroit ranks as one of the most expensive cities in which it is currently possible for someone earning an average salary (of $50,000 per year)to buy a house without taking on any additional debt (i.e., using only their savings).

Overall, while there are still many challenges facing Detroit – including unemployment rates that remain high and crime rates that continue to be high – there is definitely reason for optimism when it comes to its housing market prospects.