As Detroit's hot housing market continues to thrive it's still in a negative cycle.

[illwill]

It's no secret that property values have increased in the city of Detroit. Properties are selling fast and even experiencing multiple bids. As a person who wants badly to see Detroit's comeback, the way it's happening isn't such a good thing.

We hear/read in the news that houses are selling fast in Detroit but what we don't hear is these homes are STILL mostly being purchased by investors. Many coming from outside of the region. This is nothing new of course and one of the major factors for us having a high number of cyclical foreclosures. Most homes are not being bought by people who are living in them. They're being rented out for a quick buck. Detroit still remains a "house flippers market."

In my opinion, if Detroit is ever going to stabilize we need more owners in these homes than renters. Don't get me wrong, I have nothing against renters but in Detroit, home ownership is what will save this city. Home owners take pride and have a vested interest in the community as oppose to a renter, most of the time.

Detroit is much different than Chicago or New York where a majority of those residents are renters. Those cities are made up mostly of multi-unit dwellings. Detroit [[obviously a huge city of single family homes) was built for families to live and that makes us unique to this very day from other big cities. That's how Detroit will thrive. Detroit MUST find ways to allow QUALIFIED owner-occupants the first right to purchase these homes before investors who are simply in the "flip" game or who'll rent homes to any Harry, Dick and Jane just to get a body into the property.

I think the Detroit real estate market will peak VERY soon because quality of life issues will continue to suffer due to lack of homes being purchased mainly by owner occupants. The city needs to be more aggressive in with this issue.

Any thoughts?