Dearth of Credit Starves Detroit’s Housing Market

DETROIT—Alter Road runs northwest along this city’s border. To the east is Grosse Pointe Park, an upscale suburb dotted with grand old mansions built in the auto industry’s heyday. To the west is the city of Detroit, lined with abandoned houses and empty lots.

On the east side of the street, getting a mortgage to buy a home is a breeze. On the west side, it is hardly worth trying.

Beautiful view

Why not write a story about the lawsuits that Trump has brought in Texas to secure property for his wall. Oh, I forgot you have to wait until the election is over to see how much sucking up to Trump and Murdoch you must continue with.

What a profound analysis. They have been doing this since the first black person ever applied for any type of loan. Have you uncovered information about who the leeches are that are buying the delinquent properties up from those affected by the virus. Are they to close to you?

Please, they'd lend to the devil himself, if they saw some chance of earning

wsjnoted A long history of democrat leadership continues to run Detroit into the ground. The problem is incompetence and corruption not racism.

Maybe BLM and Antifa should stop rioting and looting then?

Govt gets mad when banks make risky loans, then will turn around and get mad when they won’t.

Silly WSJ, these homes are under $40. You can’t get mortgages on houses under that amount anywhere.

there is a viable solution, implement it!_____________

USED to be a big RED LINE drawn on maps The FUCK YOUs are tiring🤦🏽‍♀️

Ooo I know! Let's get Federal Government to force mortgage lenders to lend money to poor people. Then we can bundle the weak credits up with strong credits, jam the lot into CDOs and flog the debt all round the globe! What can possibly go wrong? 🧐🤦

Inexpensive homes. Money available. Why is this a thing?

Wow!!

Well when houses cost 1$ do you need a mortgage?

Detroit is just another Democrat ghost town.

You might wanna retract your hunter Biden laptop story

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A Broken Mortgage Market Strands Detroit’s Black ResidentsLenders shun the city’s low-priced homes, and they lose even more value, in a cycle that keeps the housing market depressed. The city of nearly 700,000 saw barely 1,700 mortgages made last year. The solution for some Detroiters is to buy a fixer-upper for a few thousand dollars cash and pour in sweat equity. Black residents? Do they have different colors? Let’s see, in early 2000’s lenders were forced to make loans to people who couldn’t afford them. Now, why would you take that risk? In America's inner cities, with decaying buildings, houses is where government funding is needed the most. Employing local youth and adults to rebuild.This would not only revive cities towns, but hope in communities of people. Hope for a beautiful America not a decaying dreams.
Source: WSJ - 🏆 98. / 63 Read more »

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