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As US housing recovers, low incomes keep Detroit far behind
– canadianbusiness.com
DETROIT – Ann and Oscar Mack had fallen behind on property taxes and knew they faced foreclosure on their home of 20 years. But they didn’t know their house on Maiden Street, in a blighted east side Detroit neighbourhood, was already listed for auction.
No one “let us know we were about to lose our house,” Ann Mack said. “Nobody ever came out and knocked on our door.”
The United Community Housing Coalition stepped in and bought the home for $1,000 at a foreclosure auction, then returned the deed to the family. It and other nonprofits are the final options for hundreds of Detroit residents fighting foreclosures, auctions and evictions.
“Complete strangers helped us get our house back,” said Ann Mack, 48. “We would have been out in the street.”
A decade after the nation’s housing bubble peaked before bursting in a ruinous crash, much of America’s residential real estate has rebounded. Many owners have enjoyed rising equity and lower housing bills as mortgage rates have sunk…
No one “let us know we were about to lose our house,” Ann Mack said. “Nobody ever came out and knocked on our door.”
The United Community Housing Coalition stepped in and bought the home for $1,000 at a foreclosure auction, then returned the deed to the family. It and other nonprofits are the final options for hundreds of Detroit residents fighting foreclosures, auctions and evictions.
“Complete strangers helped us get our house back,” said Ann Mack, 48. “We would have been out in the street.”
A decade after the nation’s housing bubble peaked before bursting in a ruinous crash, much of America’s residential real estate has rebounded. Many owners have enjoyed rising equity and lower housing bills as mortgage rates have sunk…
