After nearly five years of planning, a large-scale attempt to turn a big chunk of Detroit into an urban forest is now underway. The purchase of more than 1,500 vacant city-owned lots on the city’s lower east side – a total of more than 140 acres – got final approval from Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder last week.
via The Atlantic Cities.
“If you just have a parcel of land or a small business or a farm and all of a sudden the government comes in and you are subject to condemnation you are looking at putting out hundreds of thousands of dollars, if not millions, in legal costs that you will not be reimbursed for,” Pierce said.
National rents rose in October from September, up 0.2 percent to a Zillow Rent Index of $1,300. Year-over-year, national rents were up 2.3 percent in October.
via Zillow Blog.
Faced with potential starvation in the spring of 1623, the colony decided to implement a new economic system. Every family was assigned a private parcel of land. They could then keep all they grew for themselves, but now they alone were responsible for feeding themselves. While not a complete private property system, the move away from communal ownership had dramatic results.
via The Independent Institute.
There are three separate cases at play: an original class-action lawsuit regarding a St. George resident who says officers entered his property during a search, which is still pending in federal court; the Washington County Attorney’s investigation, which could end in federal charges being filed; and the latest lawsuit against the city.
While the current lawsuit only addresses illegal searches, Prisbrey said the entire code enforcement process, including the court, is illegal and contrary to the 14th Amendment, which protects against unlawful due process. He said he plans to amend the complaint to include anyone who has ever been fined, which could exceed 15,000 people.
A fantastic article that anyone concerned abot real estate and the housing markets should read. - Tim Ballering
From 2009-2012, the top 1% of Americans captured 95% of income gains. Now, as the housing market rebounds, billions of dollars in recovered housing wealth are flowing straight to Wall Street instead of to families and communities. Since spring 2012, just at the time when Blackstone began buying foreclosed homes in bulk, an estimated $88 billion of housing wealth accumulation has gone straight to banks or institutional investors as a result of their residential property holdings, according to an analysis by Tom Dispatch. And it’s a number that’s likely to just keep growing.
via naked capitalism.
The share of Americans who own their homes was 65 percent in the first quarter, down from 65.4 percent a year earlier and the lowest level since the third quarter of 1995, the Census Bureau reported today. The vacancy rate for rented homes dropped to 8.6 percent from 8.8 percent a year earlier
via The Real Estate Bloggers.
National home values fell in October from September, according to the October Zillow Real Estate Market Reports, the second month in a row of falling home values and the first consecutive monthly declines since the market hit bottom in October 2011
via Zillow Blog.