The line between speculation and investment can seem arbitrary. In fact, some of the largest speculators in the city of Detroit often characterize their activities as investment.
University of Michigan Dearborn – Press Release
A new research project claims that property speculation has become rampant in Detroit. We spoke to UMich professor Josh Akers about his website, called Property Praxis, and why speculation is bad for his city.
Property speculators own nearly 20 percent of all property in Detroit. The parcels caught up in this web of speculation are spread across the city and come in a variety of forms. At their worst these owners are buying and selling houses that rapidly decline into vacant and abandoned shells.