It is no secret to the rest of the United States
and indeed the world that Detroit has suffered through
the economic recession. It has been hit hard, mostly
due to the decline of the motor industry that services
so much of the region.
Only
very recently has the country seen an economic rebound
in the largest city in Michigan. Detroit house prices
are rising - is Detroit to be the fastest recovering
economy ever seen in years? The answer is probably,
yes.
It
may seem like this may be a far fetched idea or
a fairytale. Rest assured that Detroit is on a rebound,
and faster than the rest of the country. You may
ask how this is indeed possible. The auto industry
was virtually laid to rest, and there have been
layoffs like never seen before. It used to be powerhouse
of a city just a few years ago, but recent economic
woes have caused huge decline in many sectors, especially
house prices, these have seen unprecedented decline
to record lows.
Detroit
was a city on the brink of collapse until the US
taxpayer and the Obama Administration stepped in
to help. The auto industry was putting out vehicles
that ate gas like a hungry giant eating a meal.
But, ever since the fall of the twin towers in New
York and the eventual war in Iraq, the Detroit auto
giants started to sink due to the dropping economy.
At
the same time Japan was churning out cars with good
reliability and great fuel economy. Most cars were
being bought from them, and the American industry
was left scratching its head. Something had to be
done. But, in the meantime, there were fears of
bankruptcy and the loss of the auto industry altogether.
The
giant automakers now encountered very hard competition
from the Japanese. They built cars at a great price,
that had great fuel economy, and didn't have very
many mechanical problems. They were built to last.
The Detroit automakers found that they were going
to have a hard time surviving. Now, people started
buying foreign cars. The auto giants started losing
big money.
Public
schools were on the decline and so were graduation
and student performance rates. Detroit seemed as
if there was no end to the economic and social downward
spiral. Home prices fell as the economy fell, and
that has been a huge problem - much less property
taxes.
