Timeline: Here’s how the federal public corruption probe unfolded. Real estate News: How Detroit's bankruptcy will hit the housing market. Detroit constitutes the biggest municipal bankruptcy in US history.
What will the move mean for the beleaguered city's housing market? Detroit filed for Chapter 9 bankruptcy protection Thursday, paving the way to start managing the city’s estimated $20bn in outstanding debt. Get news stories like this straight to your inbox with our FREE newsletter Bankruptcy is likely to mean further benefit cuts for city workers, and public sector employees run the risk of seeing their retirement funds slashed or eliminated completely, according to a report by NBC News.
This could see potential homebuyers taken out of the market, or see further financial strain put on homeowners facing foreclosure. Welcome to Forbes. In Detroit, you can purchase a three-bedroom home for only $1,000. NEW YORK (CNNMoney) — Antjuan Wyatt and his wife recently closed on a three-bedroom, 1,500-square-foot house in a leafy, middle class Detroit neighborhood.
The house needs some work — new furnace, new plumbing, new windows. But that’s OK, because Wyatt bought the place at auction for $1,000. “We were looking for a home in the suburbs, but the prices were too high,” said 27-year old Wyatt, who works at a local Chrysler plant and dabbles in real estate on the side. “I was surprised I got this for $1,000.” In four months (and $30,000 in repairs), Wyatt hopes he can move into the refurbished gem with his wife and their two kids. Union Attorney: Pensions In Jeopardy After Detroit Bankruptcy Filing. DETROIT (WWJ) – A union attorney says pensions of Detroit city workers are in jeopardy after the city filed for Chapter 9 bankruptcy.
Bankruptcy documents show two public employee pension systems are Detroit’s top unsecured creditors. The city general retirement system’s claim is about $2 billion. The police and fire retirement system is owed more than $1.4 billion. There are more than 100,000 other creditors that include individual retirees, city workers, banks and property owners. Richard Mack, Jr., an attorney for AFSCME Council 25, said it’s “shameful” that the Gov.
Timeline of Detroit's financial crisis. For Detroit, a Crisis Born of Bad Decisions and False Hope. DETROIT — This city was already sinking under hundreds of millions of dollars in bills that it could not pay when a municipal auditor brought in a veteran financial consultant to dig through the books.
A seasoned turnaround man and former actuary with Ford Motor Co., he was stunned by what he found: an additional $7.2 billion in retiree health costs that had never been reported, or even tallied up. “The city must take some drastic steps,” the consultant, John Boyle, warned the City Council in delivering his report at a public meeting in 2005. Among the options he suggested was filing for bankruptcy. “I thought all hell would break loose — I thought the flag would finally be raised,” Mr. Boyle recalled in an interview last week. Some factors were out of the city’s control. But recent findings from a state-appointed review team and interviews with past and present city officials also suggest a city that over the years was remarkably badly run. Photo Mr. Rebuilding Detroit: Two sides of 8 Mile. Wall Separating Whites from Blacks. This wall forms the western boundary of the Alfonso Wells Memorial Playground and extends in a north-south direction from just south of 8 mile Road toward Van Antwerp Park between Mendota and Birwood in northwest Detroit, not far from the intersection of Wyoming and 8 Mile.
The economic catastrophes of the Depression put most property owners at the risk of defaulting on their homes. Recognizing this severe problem, the Roosevelt Administration established federal agencies to both increase funds available for mortgages and use the power of the federal purse to ensure mortgages. The Home Owners Loan Corporation created a national system of urban maps indicating the credit worthiness of neighborhoods. Areas in which all the homes were well kept and attractive were coded in green. Detroit's wall of racism: Six-foot barrier that kept black children away from middle-class whites is chilling reminder of segregated America.
The 6ft high wall was erected in 1940 in Birwood, Detroit, U.S.Separated homes built for middle-class whites from black familiesRacial dividing lines no longer exist, but the wall still stands By Associated Press Reporter Published: 08:24 GMT, 1 May 2013 | Updated: 15:55 GMT, 1 May 2013 Half a mile long and a foot thick, this concrete wall was built to separate black and white families living in the same Detroit neighbourhood in the 1940s.
More than 70 years on, the six-foot high wall still stands in Birwood - a chilling reminder of segregated America, and a physical embodiment of racial attitudes the country has long since tried to forget. But despite its dark history, the community has managed to turn the concrete barrier into a symbol of inspiration and hope. Scroll down for video. A View from Both Sides of Eight Mile Road: Introducing a New Series about Detroit. Woodward Avenue, looking north toward Eight Mile Road, in Detroit, Michigan, c. 1965 Woodward Avenue, the boulevard of my youth If I had a nickel for every time I drove on (or walked on, or crossed) Woodward Avenue, I used to say, I would be a wealthy woman.
Report2.pdf. M-102 (Michigan highway) This article is about the Michigan state trunkline highway.
For the former U.S. Highway, see U.S. Route 102. The 8 Mile Road Divide: Detroit's Bankruptcy and its Wealthy Neighbour.