Foreclosed homes being bought up by outside buyers

Renters in Detroit may come out on top as home costs lower and outside landlords buy up property.Excerpt:Still, not all of Detroit’s real estate market has bottomed out.
Listings include a seven-bedroom, 11,580 square-foot Tudor in Detroit’s
historic Indian Village neighborhood for $849,900, and a $765,000
penthouse condo in the city’s Albert Kahn Building.What’s the
effect on a city whose population has plummeted to half its size since
the 1950s with no sign of return? The winners might be the renters
lucky enough to live in a home that’s been fixed up by a legitimate
landlord. The losers might be those who end up in less reputable hands.The
stakes could go either way for the landlords arriving in a market that
may not have found its bottom. Same for the dwindling number of
neighbors who still own their homes — they could benefit from having
the vacant home fixed up and occupied but likely will find theirs will
fetch a fraction of what they paid or owe.Read the entire article here.