Midwest Cities Plan to revitalize through demolition

Rust belt cites from Cleveland to Detroit are bringing out the reckoning ball. The twist is the cities are using federal money to tear down abandon homes which are a hazard to the neighborhood. According to sources, Detroit Mayor Dave Bing has pledged to tear down 10,000 properties in the inner city which have been a safe heaven to criminals such has drug dealers, vandals and thieves.
Over the past 60 years rust belt cities such as Cleveland, Detroit, and Dayton have seen a shrinking population. Manufacturing plants and warehouses are seen vacant due to the stumbling economy and out sourcing of jobs. Since 2005, Cleveland has seen over 33,000 foreclosure filings. Demolition of sum of these homes in high vandal areas is the solution to combating dropping home values and stabilizing neighborhoods which have loyal homeowners on the street.
The Cuyahoga County Land revitalization Corp. plans to acquire 1000 properties next year and teardown as many as 900 of them. During a phone interview a quote from Gus Frangos, President CCLC states “you have to remove the blight. It’s unfortunately on a grand scale.” Looking at the real-estate industry from a macro prospective explains that there are just too many homes and not a big enough working class population in the inner city.
Detroit has almost 51,000 vacant properties for sell. Unfortunately it has been too difficult to sell these properties due to the slumping economy and the condition of these properties. It is cheaper for owners to tear down the property and sit on the land. However, Sun Belt cities like Phoenix aren’t demolishing their abandon properties. Due to their expected rising economy they are able to hold on to properties until the real-estate industry rebounds and resale them. The Cleveland area’s foreclosure rate ranked in the top third of more than 200 U.S. metropolitan areas in the third quarter, according to Irvine, California-based Realty Trac Inc. Housing Crisis has affected the entire country there are numerous speculation on weather or not the real-estate industry is at its bottom. Investment is needed weather it’s from the federal government or from private investors.