Detroit Local Information

Buying a bank owned home in Detroit could get you started on a new life in one of the country’s key economic centers. Detroit bank owned homes are cheaper than ever, providing buyers lots of choices and chances of getting their own homes in Michigan’s largest city.

Detroit is the largest city in the state of Michigan and the eleventh most populous metropolitan area in the country. It is located in the southeastern part of the state and serves as the seat of Wayne County. The city is situated north of Windsor, Ontario, and serves as a major economic hub for US-Canada ties.

Known traditionally as the world’s automotive center, Detroit is nicknamed “The Motor City” due to the large presence of carmakers in the city. The “Big Three,” comprising General Motors, Ford Motor Company, and Chrysler, are based in Detroit, which also hosts offices of major companies such as PricewaterhouseCoopers, Electronic Data Systems, Visteon, Delphi, Ernst & Young, Deloitte Touche, and KPMG.

Detroit also earned the nickname “Motown” due to the city’s rich musical history that dates back to the 1940s. Jazz became a popular genre in the city in the 1950s while Motown Records, founded by Berry Gordy, Jr. in Detroit in 1959, produced such acts as the Jackson 5, Stevie Wonder, Marvin Gaye, The Temptations, Smokey Robinson & The Miracles, Diana Ross & The Supremes.

Tourism is also a major economic driver in Detroit, which is visited by nearly 16 million people annually. Aside from cultural attractions, such as the Detroit Historical Museum, the Detroit Institute of Arts, the Detroit Science Center, and the Motown Historical Museum, Detroit is also famous for its casinos. The presence of the MGM Grand Detroit, the MotorCity Casino, and the Greektown Casino makes Detroit the fifth-largest gambling city in the country.

Being an automotive and financial center, Detroit was hit hard by the economic crisis. However, for such an important city, government departments from all levels have already launched plans to revive the city. The federal government is spearheading the reorganization of GM and Chrysler, which directly and indirectly provides thousands of jobs to Detroit residents.

With property prices picking up in many areas across the city, now is the perfect time to buy a bank owned home in Detroit.

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