Can you call it a comeback if home loans are written only in a few neighborhoods?
By Joel Kurth and Mike Wilkinson Bridge Magazine
Home sales with mortgages are rare in Detroit, occurring in just a few areas. Use the slider in the middle of the image below to see where the cash sales (red) are compared with sales via mortgages (blue).
Miles from downtown Detroit and its debates about gentrification, a more modest question surrounds real estate in many city neighborhoods.
Cash or charge?
Despite headlines about new luxury condos and million-dollar lofts, getting a mortgage remains a tall order in outlying neighborhoods across Detroit, with the vast majority of homes sold for cash to landlords and investors, according to sales data and numerous interviews.
Like most Detroit problems, it’s complicated. And it’s posing hard questions about who will…