CINCINNATI (TDB) -- Hamilton County officials are projecting that 6,200 foreclosure cases -- with large numbers of the volume in Cincinnati -- will be filed this year. It's a gloomy statistic that is mirrored across Ohio . But there could be some bright days coming after the storm. The foreclosure crisis has created a red hot real estate market in Detroit, where existing home sales are sizzling.
Residential sales are up 4% percent over November 2006 in the Motor City, and Crain's Detroit Business reports "November's numbers continued the hot streak for the city, which saw residential sales increase month-over-month for eight months in 2007." In the wealthy suburbs like Oakland County, sales are down by as much as 15%.
Detroit? It was supposed to be dead, worse off than Cleveland and Cincinnati, or any of its other Midwestern manufacturing sisters like Toledo and Akron. But there are people who see opportunity, value and deals in the market.
"The increase is attributable to a combination of demand from young, urban pioneers and out-of-town investors, said Darralyn Bowers, president of Southfield-based ERA Bowers and Associates, which does a majority of its sales in Detroit. She said data indicates a high level of cash buyers, meaning a lot of the sales are by people investing in residential real estate. 'We may not appreciate what an opportunity Detroit property is right now, but some people are. When this passes, we'll see tremendous fortunes made.'