Chicago to Become One of the Nation’s Most Desirable Cities

July 14, 2012

midwestAn executive with a major real estate company is predicting that the hard-hit Midwestern cities will soon become some of the most desirable places to live in the U.S.

Daren Blomquist, a vice president of RealtyTrac, an online marketplace of foreclosure properties, said last week that he expects Americans will be living in Chicago, Cleveland, Detroit, Indianapolis and Milwaukee in 20 years.

These areas experienced a high incidence of foreclosures, which are now bank-owned homes being bought up by municipalities that want to rehabilitate these “unproductive properties” as part of their neighborhood economic development efforts, and are turning those areas into parks, open space, etc.

In the Business Insider article, “The Rust Belt Is Poised for a Comeback” Blomquist says in these rust belt cities, “The rust will be knocked off, leaving five shining examples of the persistent power of the American dream.”

In the Chicago Magazine article, “How Foreclosures and Land Banking Could Transform Midwestern Cities” it is creative land-banking like that proposed in Cook County that will transform Chicago real estate. This process is particularly beneficial in Midwestern cities, because, unlike other American cities hit hard by the foreclosure crisis, like Miami and Las Vegas, Midwestern foreclosed homes are generally much older, smaller and less likely to be purchased by home buyers as residences. Turning these properties into parkland is a much better plan. And while Chicago didn’t see the severe collapse that Detroit did, the city could certainly benefit from turning unwanted, abandoned properties into attractive, useful spaces.

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