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Livonia Michigan Declining Home Prices To Continue

 Some Owner Occupant Buyers & Investors, believe that now is the time to buy, here in Livonia Michigan. Many sales are in a "multiple bid" situation.
This fire sale mentality has been manufactured. The 3%, 0r 3.5% down payment (Fannie Mae, Freddie Mac, HUD), coupled with the very likely 6% 3rd Party concession is fueling the housing market multiple bid, fire sale mentality.
The once stable neighborhoods are rapidly changing. How soon before they mirror Detroit proper?
Investors are buying the "cheaper" housing, planning on making a hefty profit renting to a Section 8 household filled with children having multiple baby daddy's. What will happen  to the Livonia Community when reform comes to Section 8 (Detroit type blight)?
Look at the shopping center on 8 Mile Rd. where Kroger was the anchor store. There are about 20 retail outlets, and only about 3 are occupied, including Kroger! This shopping center is representative of the future of other shopping centers here in Livonia.
What do you think?
  • December 10 2011 - Livonia
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