(Quartz) Downtown Detroit has long been one of the nation’s worst housing markets. Home values have plummeted. Vacancies abound. And foreclosure numbers are through the roof. Not that that’s surprising; who’d want to live in a neighborhood with soaring unemployment and the highest rate of violent crime in the US?
The bad news for Detroiters is that the city’s bankruptcy will likely only deepen the decay of its downtown housing market.
That might deter most prospective home buyers. But some look at Detroit’s hard times and see profit.
Specifically, bargain-hunting Chinese investors.