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MICHIGAN
Tackling Foreclosure Challenges in Motor City
A recent study from Quicken Loans revealed that property tax
foreclosures in Detroit are at a 14-year low. In 2018, 2,920 properties
faced property tax foreclosure auction, down from 6,052 in 2017, and
far below the peak of 15,000 in 2015.
According to the study, the efforts of the Quicken Loans
Community Fund and its Neighbor to Neighbor partners led to
4,136 occupied homes being pulled from the Wayne County tax
foreclosure auction.
"Tens of thousands of Detroit residents have been displaced by
property tax foreclosure, and on top of the human impact, many of
these homes fall into disrepair and become blighted, perpetuating
a harmful cycle that destroys vibrant communities," said Laura
Grannemann, VP of Strategic Investments for the Quicken Loans
Community Fund. "By working with community partners, we are
stabilizing housing in Detroit, preventing future blight and helping
homeowners and occupants find sustainable, long-term solutions for
their property tax burdens."
Quicken Loans states that, as of last year, 21% of homeowners
were unaware they were behind on property taxes, and another 61%
of renters in tax-delinquent properties were unaware of the home's
tax status.
"As Detroit comes back, we need to do everything we can to
make sure those who stayed in our city through good times and bad
are able to stay in their homes," Mayor Mike Duggan said. "We
are seeing real progress in tax foreclosure reductions that impact
all of our neighborhoods, and through programs like Neighbor to
Neighbor, we will continue this important work in close partnership
with the community."
"Today, through the work of our community partners and the
many canvassers going door to door, we have helped 300 residents
not only prevent foreclosure but move from renting to becoming
homeowners, who now hold equity in their neighborhood," Duggan
continued. "As Detroit comes back, we need to do everything in our
power to retain residents and keep them in their homes."
