Discuss Detroit » Archives - July 2007 » Top 10 forclosure zip codes in USA « Previous Next »
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Cmubryan
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Username: Cmubryan

Post Number: 444
Registered: 11-2003
Posted on Monday, July 02, 2007 - 10:34 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

From AOL:

Top 10 Foreclosure ZIP Codes
Zip City State Total Filings
44105 Cleveland OH 783
30310 Atlanta GA 709
80219 Denver CO 705
48228 Detroit MI 679
95823 Sacramento CA 634
48205 Detroit MI 634
48224 Detroit MI 583
89031 N. Las Vegas NV 575
80239 Denver CO 553
48219 Detroit MI 549
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Knocturnal
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Username: Knocturnal

Post Number: 216
Registered: 10-2004
Posted on Monday, July 02, 2007 - 10:37 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

4 out of 10 aint bad
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Detroit313
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Username: Detroit313

Post Number: 385
Registered: 02-2006
Posted on Monday, July 02, 2007 - 11:17 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Denver's on there twice <313>
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Lmichigan
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Username: Lmichigan

Post Number: 5739
Registered: 10-2003
Posted on Monday, July 02, 2007 - 11:31 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Already posted:

https://www.atdetroit.net/forum/mes sages/5/105136.html?1182522328
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Dustin89
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Username: Dustin89

Post Number: 37
Registered: 07-2006
Posted on Tuesday, July 03, 2007 - 1:20 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I'm surprised 48203 isn't on there-I believe that's the zip for Highland Park, the State Fair neighborhood, etc. Of course, I think that neighborhood may have been on the top ten foreclosure list years ago and has been largely abandoned since. The scary part is that viable Detroit neighborhoods are the ones on the list as well as decayed ones.
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Jjaba
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Username: Jjaba

Post Number: 5425
Registered: 11-2003
Posted on Tuesday, July 03, 2007 - 2:04 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Where are the four Detroit zip codes? jjaba's bet is they are all Eastside.

Yes, Highland Park is 48203.

jjaba, Produly Westsider.
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Professorscott
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Username: Professorscott

Post Number: 510
Registered: 12-2006
Posted on Tuesday, July 03, 2007 - 2:09 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Sorry jjaba, half east and half west. 48228 and 48219 are far west side. 48228 is just west and north of Dearborn; 48219 is on the far northwest side (south of Eight Mile between M-39 and Five Points)

Prof. Scott, with a ZIP code map
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Susanarosa
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Username: Susanarosa

Post Number: 1573
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Posted on Tuesday, July 03, 2007 - 2:11 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

48228 and 48219 are Westside.

48205 and 48224 are Eastside.
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Susanarosa
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Username: Susanarosa

Post Number: 1574
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Posted on Tuesday, July 03, 2007 - 2:12 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Whoops, you beat me to it.
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Ndavies
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Username: Ndavies

Post Number: 2675
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Posted on Tuesday, July 03, 2007 - 2:14 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Nope Jjaba, two in the far northeast corner and two on the far west edge.

I would expect that the 4 zips with the highest number of foreclosures are the sections of the city with the highest density of remaining owner occupied homes. Renters can't end up in foreclosure. They just get evicted.
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Jjaba
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Username: Jjaba

Post Number: 5427
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Posted on Tuesday, July 03, 2007 - 5:32 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Professorscott and Susanarosa, thanks. Ndavies, like always, tells it like it tis.

Obviously, Detroit has failed in the subprime market. These are very risky loans, made over and over by local bankers who then peddle the paper to investors. Local bankers have zero incentive to loan the correct amount to the correct customers secured by the correct property.

Even in good economic times, mortgages must be made prudently. In these times, fogettaboutit.

When jjaba reads day after damn day that local govt.s are buying SMART cars and Prius Toyotas, Detroit must suffer. Not only that, jjaba knows of several substantial Detroit companies who moved to fucking Ann Arbor. El BASTARDOS!

jjaba.
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Professorscott
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Username: Professorscott

Post Number: 514
Registered: 12-2006
Posted on Tuesday, July 03, 2007 - 5:48 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Detroit could have made small hybrid cars that were super fuel efficient, but chose not to. We can't blame customers for not putting up with our arrogant BS year after year.

When Joe Muer's failed, the real one on Gratiot, I had talked to Joe a year or two earlier. He complained about the City, the City doesn't support him, there's no business anymore, nobody eats downtown, blah, blah, blah. I pointed out to him that three-quarters of a mile or so away, Fishbone's was doing a fabulous business. Maybe, I suggested (albeit impolitely) to Joe, the problem was him.

The moral: markets are there, but you have to adapt. Detroit's automakers haven't adapted to the changing needs of car buyers, much like the Detroit region hasn't adapted to the changing needs of residents and businesses. So we suffer.
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Detroitplanner
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Username: Detroitplanner

Post Number: 1289
Registered: 04-2006
Posted on Tuesday, July 03, 2007 - 7:36 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Hooray I'm number one locally!!! Watch my housing values plummet. Thanks for all you do to keep the crackheads out of my alley and get the slumlords to keep their properties decent City of Detroit!
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Track75
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Username: Track75

Post Number: 2552
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Posted on Tuesday, July 03, 2007 - 10:19 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

I would expect that the 4 zips with the highest number of foreclosures are the sections of the city with the highest density of remaining owner occupied homes. Renters can't end up in foreclosure. They just get evicted.

Makes sense to me. It's ironic that the owner-occupied neighborhoods, long considered more stable, are bearing the brunt of the foreclosure problems. Would this mean the prices are decreasing at a greater percentage in owner-occupied than rental neighborhoods? That would be a perverse twist of fate.


The zips in question:


det fc zips
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Young_detroiter
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Username: Young_detroiter

Post Number: 211
Registered: 08-2004
Posted on Wednesday, July 04, 2007 - 2:12 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I live within 48219, one of the listed zip codes. It is very ironic that each of these areas are zones that border the suburbs. There are increasing numbers of relatively attractive homes in my neighborhood.
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Lmichigan
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Username: Lmichigan

Post Number: 5744
Registered: 10-2003
Posted on Wednesday, July 04, 2007 - 2:19 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

As someone already said, it's not ironic. It's only natural that the more home-owner occupied a neighborhood is, the foreclosure rates would be higher than in areas with a lot of rental properties.
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Angry_dad
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Username: Angry_dad

Post Number: 155
Registered: 02-2006
Posted on Wednesday, July 04, 2007 - 8:40 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

"Professorscott
Detroit could have made small hybrid cars that were super fuel efficient, but chose not to. We can't blame customers for not putting up with our arrogant BS year after year."

Detroit doesn't make cars. The arrogance is the idiots in Washington won't do a thing to defend any industry in the U S. They are more concern with sucking up campaign funds and lying to the common man.

"Wednesday, 11/16/05

Nissan gets $155,000 per job in incentive
'Aggressive' plan over 20 years passed legislature last summer

Tennessee will give Nissan North America close to $200 million in incentives over 20 or more years as part of the deal that snared the automaker's headquarters and its nearly 1,300 jobs."

http://www.tennessean.com/apps /pbcs.dll/article?AID=/2005111 6/BUSINESS01/511160428


But it sure seems that the taxpayers via revenue sharing do a fine job financing the cars and trucks the liars from Japan sell here.

Yes LIARS, they can't & won't tell the truth about trade. End result: YOU are subsidizing every stinking one of the cars & trucks they sell here so they can own this nation.

BTW, Toyota is spending 3 out of 4 dollars on structure in Japan where the market is down 10% this year, to a 30 year low. So much for caring about America.
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Detroitplanner
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Username: Detroitplanner

Post Number: 1290
Registered: 04-2006
Posted on Wednesday, July 04, 2007 - 8:48 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

THese are the areas where the housing is being converted FROM owner occupancy TO renal properties at an incredibly fast rate. Many of the slumlords are over extended. Imagine if you were operating on a shoestring, hoping to make your money when you sell your properties, and suddenly your mortgages go up 50 percent? You're out of business. That is what is happening in these areas.
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Ericdetfan
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Username: Ericdetfan

Post Number: 118
Registered: 02-2007
Posted on Wednesday, July 04, 2007 - 12:28 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

48228 :-(
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Sstashmoo
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Username: Sstashmoo

Post Number: 128
Registered: 02-2007
Posted on Wednesday, July 04, 2007 - 1:49 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Quote: "Detroit could have made small hybrid cars that were super fuel efficient, but chose not to. We can't blame customers for not putting up with our arrogant BS year after year."

I could've bought gold when it was 50 dollars an ounce or Chrysler stock when it was $7 a share, but I don't have a crystal ball and neither do the automotives.

Does anyone really believe that 3 of the world's largest auto producers seen this coming and decided to do nothing??

Everyone says oh they should've built smaller cars. In the spirit of the "monday morning quarterback", thats very easy to say now. The problem was, small cars werent selling 3 years ago. Thats why they werent building on any large scale and obviously had no immediate plans of doing so.

SUV's and Hybrids were selling. They build what sells. Then comes along Bush and his oil buddies with their tenuous relationships with foreign governments and their propensity to gouge the American public with oil prices. That IS the family business.

An industry like the automotive cannot adjust it's output to a commodity that can be changed that abruptly over night. It takes years to change product line. And the costs can easily outweigh a miscalculation in market for the proposed product.

Lets say they go full court press and drop everything over 3k GVW, totally re-design, re-tool, etc. And then the gas prices drop. They'd be stuck with lots full of hastily designed cars that nobody wanted. Gas has dropped almost a dollar just since memorial day.

And this notion that the imports "got it right" is total BS, they are still building the same cars they always did. Minimized in size to keep the raw materials cost down, and dimensionally optimized to cram as many as possible in the hold of a ship bound for US shores. The fuel mileage is just and always has been a welcomed result of the first two.

"It's Detroit's fault" is an easy "out".
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Jjaba
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Username: Jjaba

Post Number: 5430
Registered: 11-2003
Posted on Wednesday, July 04, 2007 - 2:02 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Sstashmoo, welcome to Forum, You tell it like it tis.

Sadly, by now, the American car market, largest in the World, thinks that Asian is better. Whether built in USA or not, that's how they think.

Japan, China, and Korea make steel efficiently. What we do is smash steel and ship it from Portland, Oregon. So we have to import steel materials which we once made in Pittsburgh, Chicago, Gary, and Youngstown. Don't blame worker legacies for everything. That's a cop-out.

jjaba, 48238.
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Ray1936
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Username: Ray1936

Post Number: 1605
Registered: 01-2005
Posted on Wednesday, July 04, 2007 - 5:44 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I don't know why specifically 89031 (North Las Vegas) is on that list. It's not a bad part of town. Might have been some speculation, since a year and a half back house prices here were going through the roof, and they've slumped quite a bit recently. Thus, a speculator bought a house for 300,000 that is suddenly worth only 260,000. He figured on a quick sell, but now can't make the payments and can't sell. Back to the bank it goes.

Then there are all too many cases of bloodsucking mortgage companies offering young folks a 300,000 house with nothing down and a low interest rate for the first year or two. When the interest suddenly doubles, they can't make the payments and they find themselves in foreclosure.

But as to why it is specifically happening to that zip in N Las Vegas, I haven't a clue.
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Jjaba
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Username: Jjaba

Post Number: 5434
Registered: 11-2003
Posted on Thursday, July 05, 2007 - 2:40 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Ray1936, perhaps a call to a realitor who works N. Las Vegas could shed some light on the topic.
Your adoring public would like to know what causes such a boom boom economy like Las Vegas to be a top ten foreclosure place.

Thanks, jjaba.
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The_rock
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Username: The_rock

Post Number: 1810
Registered: 11-2003
Posted on Thursday, July 05, 2007 - 8:21 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I don't recall what local tv channel recently showed it, but some chap has actually started a company around Detroit where he drives potential buyers/investors around the area together with an experienced realtor and shows you all the foreclosed homes. He has the locations on a computer, the realtor is there to answer questions, and the customer supposedly gets his pick of the litter.
Sounds enterprising, but who knows if he will make any money on the project. Is this know as cashing in on another's plight?
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Sstashmoo
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Username: Sstashmoo

Post Number: 130
Registered: 02-2007
Posted on Friday, July 06, 2007 - 4:08 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Quote: "Is this known as cashing in on another's plight?"

Well it's going to be sold to someone. Wether it be a resident, broker etc. You can't blame someone for taking advantage of a good investment. Usually by the time these are sold the original owner is long gone out of the picture.

The realtor or buyer is not the reason they lost it.

I know what you mean though. It seems like bone picking almost. Many houses are bought like that.

Crazy idea, but maybe they should (or maybe they already do this in some fashion) establish a wholesale price for homes. A projected liquidation market price and give the original owners a second crack. Really, whats the difference, it's going to bring a certain price, why not let the folks who call that home have a chance. With a reduced payment maybe they could make them then. It would be better than being the foreclosure capitol. Of course they would have to meet a criteria to qualify. Like truly in financial trouble.
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The_rock
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Username: The_rock

Post Number: 1811
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Posted on Friday, July 06, 2007 - 9:39 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I like your idea, tashmoo. You must have a good heart. Losing a family member, a job or your house has just got to be too, too traumatic.
Tashmoo--fine vessel, too. June 18, 1936 was traumatic for this beautiful ship that brought so much pleasure to so many Detroiters. (Bump)
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Jelk
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Username: Jelk

Post Number: 4481
Registered: 10-2003
Posted on Friday, July 06, 2007 - 1:37 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

quote:

When jjaba reads day after damn day that local govt.s are buying SMART cars and Prius Toyotas, Detroit must suffer. Not only that, jjaba knows of several substantial Detroit companies who moved to fucking Ann Arbor. El BASTARDOS!



Better they move to Ann Arbor than Idaho or Oregon.
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Quozl
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Username: Quozl

Post Number: 863
Registered: 07-2005
Posted on Friday, July 06, 2007 - 2:07 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I am totally shocked when I view Detroit housing value estimates on Zillow.com. Take 14609 Penrod in Rosedale Gardens for example; in January of 2007 it had a value of $133,000.00, today it has a value of $24,884.00, up $6000.00 in the past 30 days.
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Urbanize
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Username: Urbanize

Post Number: 1473
Registered: 02-2007
Posted on Friday, July 06, 2007 - 2:13 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

they're are lavishing, well kept parts of these areas (like 48205 and 48224, 48219, and 48228) and good Civil response compared to other parts of the city. However, there's more rental properties and eviction notices in these areas as well. Too bad the bad apple spoils the bunch.
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Yvette248
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Username: Yvette248

Post Number: 708
Registered: 10-2006
Posted on Friday, July 06, 2007 - 4:45 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

In reference to a previous quote, it is true that the Japanese and Chinese governments give substantial support to their own businesses while protecting their markets against too much foreign competition. I realize that is an UNPOPULAR position in America's conservative, right-wing political environment. Nevertheless, that IS why Asia is kicking our @sses all over the global economy.
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Jelk
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Username: Jelk

Post Number: 4483
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Posted on Saturday, July 07, 2007 - 10:49 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

The US government gives substantial support to our own businesses as well. There are subsidies, tax breaks, and other government programs too numerous to mention aimed at boosting for profit businesses. The Department of Commerce is basically a tax-payer funded chamber of commerce for American corporations. Hell we gave the airline industry $15 billion dollars in 2001/2 and look where that got us.

I don't know what any of it has to do with the foreclosure rate expect maybe if we didn't give the airline industry $15 billion for basically running a lousy business, maybe a few less homes would be foreclosed. I doubt it but I'd rather risk bad businesses (ie the airlines) go under than watch some family loose their house because they made a mistake buying a mortgage.

In either case, my debt is in line so I'll sleep well tonight.

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