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Take this for example

Wallace, 27, said he did not want to leave his fiancee and two children with a mortgage before shipping out to Iraq later this year.

“I still have student loans and I’m trying to be responsible. I don’t want to leave debt,” he said.

Wallace waited for the auction to roll around to Detroit’s Boston-Edison district, a once stately area that was home to boxing legend Joe Louis and Motown founder Berry Gordy.

But he was quickly outbid. An unidentified investor at the front of the room who had scooped up several dozen properties took the home Wallace wanted for about $15,000.

“Why am I competing against a bank?” he said later. “It would be common sense to have a separate process for people who want to move back to the city or it’s going to stay empty.”

As an investor, note

1. there are people who want to live in the city
2. you can’t just buy and hold and SIT in the real estate market in Detroit, You have to buy with a plan. Otherwise, you don’t have an investment, you have a liability.

Read the rest of the article here.

Hazel Park, Eastpointe and Pontiac all had higher rates than Detroit, according to a Free Press analysis of metro area foreclosures over the past 3 1/2 years.

Read the rest of the story in the Detroit Free Press

Some of the generic things they say had a strain of truth (Detroit has seen more unemployment than the rest of the country) but then they start throwing in assumptions that are stupid, simplistic half-truths (the area’s unemployment is due to layoff’s from one company, Ford–yea right) to weird phrases a Detroiter would not recognize (the 30th Street area, a couple of miles from City Center–this area is NOT called “City Center” and their is no “30th Street area”).

Basically, know your source.

Heritage properties suffered from a bum rap in the past. People have been reluctant to purchase a piece of the past due primarily to expense of dragging it into the present. Lately, however, these older properties have been recognized for their historical value and  beauty and have even become a hot commodity. Yes, there is often work to be done on historical properties, but you actually have some financial incentives for restoring these properties to their former glory.

First, restorations create jobs. Second, the finished product is culturally significant, making it a draw for tourism and improving the quality of a neighborhood over all.

Third, there are tax credits involved on a local and federal level.

Historic districts in the city of Detroit that are viable for real estate investing–because they or going through a resurgence : Boston-Edison, Virginia Park, Brush St. (Wayne State University district), Indian Village, and Palmer Park.

Top 5 Foreclosure Markets in the US