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To help buyers narrow down their search, RealtyTrac ranked the top 15 cities for fixer-uppers. Detroit, Michigan, reigned as the best city to buy a fixer-upper. In the Motor City, RealtyTrac found there are 3,773 banked-owned properties built before 1960 that cost under $100,000. The average market value for these properties is $41,503. Another Michigan city, Lansing, landed on RealtyTrac's list, ranking No. 15 for its 513 fixer-uppers. Ohio had the greatest representation, with five of its cities on the list: Cleveland (No. 3), Cincinnati (No. 5), Toledo (No. 9), Dayton (No. 11), and Columbus (No. 12). Chicago, where there are 1,649 fixer-uppers, ranked second. Other top cities included Saint Louis (1,021), Philadelphia (865), Milwaukee (846), Phoenix (763), Birmingham (694), Jacksonville (600), and Indianapolis (526). Ally to Contribute $2.1B in ResCap Agreement Residential Capital (ResCap), Ally Financial's former mortgage subsidiary, filed a motion with the U.S. Bankruptcy Court for approval of a previously announced agreement with Ally and ResCap's major creditors. Under the plan announced in mid-May, Ally will contribute $2.1 billion to the ResCap estate to settle any and all claims between ResCap and Ally and potential claims held by third parties in relation to ResCap. The agreement excludes certain securities claims by the Federal Housing Finance Agency (FHFA) and FDIC. According to a statement from Detroitbased Ally, the plan terms also confirm that ResCap is responsible for the costs and obligations associated with the foreclosure settlement with the Justice Department and state attorneys general as well as for all consent order directives originally addressed to it. Ally expects to record a charge of approximately $1.55 billion in Q2 related to the plan and an increase in litigation reserves. "Reaching this comprehensive agreement enables Ally to turn the page on a tumultuous chapter in its history that was severely impacted by the issues in the mortgage industry," said Ally CEO Michael A. Carpenter. "Putting these issues behind us is in the best interest of our shareholders, employees, and customers." The motion represents the latest step in ResCap's bankruptcy proceedings. In the year since the company first filed, a number of other 80 firms have stepped in to purchase its assets, including Ocwen, Walter Management Investment Corp., and Berkshire Hathaway Inc. If the plan is confirmed, ResCap "will have achieved the extraordinary, and perhaps unprecedented, result of continuing in bankruptcy, without interruption, the operation of a financial services/mortgage origination and servicing business," Ally said in its statement. GTJ Selects SecureView to Preserve Vacant Firehouses in Detroit GTJ Consulting, LLC (GTJ), is utilizing SecureView to protect seven vacant firehouses for the city of Detroit. The property preservation and management company decided to use SecureView to maintain the value of the properties, avoid blighting the affected neighborhood, and ultimately make the locations as safe as possible until they are sold by the city and repurposed. Detroit is selling the vacant firehouses as part of a larger effort to bring relief from the financial distress the city faces. SecureView replaces the traditional plywood board-up system with an alternative board-up system designed to look like traditional windows. The system provides clear views while allowing natural light to shine through. SecureView's method enhances both security and marketability, the company says. SecureView also allows responders to see inside the vacant property in the event of an emergency. "Using SecureView to protect these properties was an obvious choice," said Blake Johnson, VP and COO at GTJ. "SecureView is a revolutionary product for securing properties. This system will assist in preserving the value of these firehouses so the city can sell them and more importantly keep them safe and prevent any further theft." STAT INSIGHT Annual decline in housing inventory in Detroit as of the end of March. Source: Realtor.com Minnesota rank: 44 90+ Day Delinquency Rate Foreclosure Rate April 2013 1.3% Unemployment Rate 1.1% 5.3% year ago 1.6% 2.0% 5.6% year-over-year change -18.1% -42.7% -5.4% Top County Todd CounTy 90+ Day Delinquency Rate Foreclosure Rate April 2013 1.5% 2.6% year ago 1.8% 2.6% year-over-year change -15.2% -1.3% Top Core-Based Statistical Area AlBerT leA, Mn 90+ Day Delinquency Rate Foreclosure Rate April 2013 2.0% 1.7% year ago 2.2% 3.1% year-over-year change -10.7% -43.9% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the April 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary April 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Applied Analytics. Minnesota www.MinnesotaREO.com Bruce McAlpin Jeff Detloff Long H. Doan Maribel Garcia Garth Johnson Craig Murphy Michael Olsen 612-669-6324 952-829-2938 763-432-7640 612-821-7500 952-844-1511 763-533-9133 651-209-8444 IN THE NEWS Micoley.com Auction Features More than 40 Properties Micoley.com, a real estate marketing firm, held an online real estate auction on May 18 that featured more than 40 properties. Bidding was conducted online, and properties were be purchased before the auction date. The event included both single