Detroit House Prices Are Rising
Is Detroit To Be The Fastest Recovering Economy Ever Seen?
The City of Detroit has been one of the worst economic cities hit by the recent recession in the United States. Back in the early years when the big three auto makers made Detroit one of the wealthiest cities to live in and work. Now house prices are rising again – is Detroit to be the fastest recovering economy ever seen? It certainly looks that way.
The City of Detroit is the largest city in the great State of Michigan. It is home to the auto giants Ford, Chrysler, and General Motors. It employs tens of thousands of people, and at its prime, was a very vibrant and proud city with low crime and enviable growth.
The tide changed over the years. With the automotive industry in the United States becoming more and more weak in the global economy, Detroit was now poised to be a lesser city that it used to be. Jobs became more and more scarce for a city that mostly knew how to produce the best cars and trucks the world has ever seen. Home prices have fallen to record lows.
Competition became more and more stiff. Japan was building cars and trucks that were being bought the world over due to their quality and better fuel economy. In addition, their prices were good and that attracted more and more customers away from buying American. Automotive loyalties changed.
Crime in the city rose, and with the loss of jobs, many families moved from the city limits to the surrounding suburbs. This left the city with abandoned homes and businesses. Detroit was feeling the pressure.
Schools were in decline and the graduation rates for students was dropping. It was hard for the city to rebuild its image, and its economy. And what was worse, was the obvious decline of the motor industry that was felt throughout the world. It seemed that Detroit’s automotive hold and place in the world was over for good.
Now, with the help of the US taxpayer and the new Obama Administration, all big three automakers are back making money, and they are making it back quickly with Ford and GM releasing reports of bumper profits for the past 2 years. Newer cars and trucks with better quality and much better fuel economy is drawing back customers and new jobs are being created. A brand new Ford plant in Detroit to build the first production electric car is already under way – ‘Motor city’ has pledged it’s eligance to Detroit.
Detroit is embarking on a new image with movie studios, a direction they have never been in before. Detroit is making a huge comeback. Now, Detroit house prices are rising – is Detroit to be the fastest recovering economy ever seen. The future looks bright.