Detroiters show unity through community

[DetroiterOnTheWestCoast]

Sumas: Congrats to your sister. Nice to hear a good story for once. Let us know if things work out for Ms. Davis

It would be nice if the banks would/could take a longer-term view of things. Foreclosures are a lose/lose/lose situation for the homeowner/community/bank. Isn't it better to modify a loan than to foreclose and sell a house for pennies on the dollar? Especially since the bank is responsible for the taxes until they dump the property?

[sumas]

Talked to a neighbor today. Plenty of foreclosures around the city. Two years ago, we had 13 homes on the market in my block alone. All sold with nice new neighbors now.

Currently, just one is now in arrears. I was stunned to find out that this very nice basic colonial is being sold for $13,000. My sister who has a stunning home told me she would be lucky to sell her home for $45,000 and I did not believe her. Fortunately, as mentioned, it looks like she will be able to stay in her home. It sort of defies belief though that this nice home across the street, 5 years ago worth $120,000 dollars is now selling for $13,000.