Inner cities are getting mauled by foreclosures

A new study by the Initiative for a Competitive Inner City says that inner cities are being harmed even worse than other parts of the country by the foreclosure crisis. In 2007, 0.63% of residences in inner cities were taken over by banks, vs. 0.31% of residences in the rest of the country.

Here are ICIC’s results for the inner cities with the highest rates of properties entering banks’ “real estate owned” (REO) portfolios:

Detroit 3.7%
…
Original Source

  29 March, 2008| housingblogs | @ 0:44

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