The city of Detroit has passed the Vacant Property Ordinance. Effective immediately, the city intends to enforce the ordinance in an effort to clean up the city.For anyone that is acquiring or selling Detroit REO's, I would take this very seriously. The city needs to either revitalize the real estate market or begin recovering some of the lost tax revenue that's associated with foreclosures and unemployment. With GM, Chrysler and Ford in trouble it's likely that things will get worse in Detroit before they get better. This is reminiscent of Texas in the 80's when the oil market literally dried up.
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