Everyone is aware of the housing situation that we face in the U.S., but few realize the collateral damage that has echoed on particular areas of the country, and they continue to feel the effects of a tough economy. States like California, Florida, and Georgia made the list of hardest hit areas once the sub prime market fell in the late 2000’s. The newest inductees to the hardest hit list would include New York and Michigan. There are parts of these states, mostly upstate New York, and namely Detroit, that are becoming ghost towns.
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Detroit, in particular, has?homes listed for as low as $1,500.00. This is not a rare sight as the industry has left the area. The State of Michigan considered sending an idea to vote that would suggest leveling specific areas, then utilizing them as farmland. The original hardest hit states still continue to suffer with their housing markets, and if anything, they continue to decline with serious loans restriction in Georgia, and major banks refusing to lend in Florida. In fact, it was the high foreclosure rate in California that brought so much attention to the need to audit banks on their processes for removing people from their homes.
All states of the union have been adversely affected by the real estate crash, but some seem to remain somewhat sheltered from the catastrophic ripples that others have felt. There are even some areas showing signs of life, but those statistics are slow in upward growth, and the prediction by Alan Greenspan that home prices would return to 1970’s levels has become a scary reality for many. While these times are burdening, the one glimmer of hope is that the rental market is booming. For some, they have found a way to capitalize on a poor real estate market, and have had success through renting.