Study: Bay City housing market in trouble - WNEM TV 5

Study: Bay City housing market in trouble

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Source: WNEM Source: WNEM
BAY CITY, MI (WNEM) -

A new study on the housing market is painting a bleak picture in Bay City.

Too many homes are in dire need of drastic repairs and are now worthless, driving down the value of neighboring homes as well.

The report, commissioned by the city, paints a dim picture for the city's housing market. It cites an oversupply of homes, socio-economical issues and blight being major culprits to the city potentially falling into disrepair.

The $50,000 study was completed by CZM, an urban planning firm. In the report they said the city has coasted for too long with city leaders trying to drive people back into the city and not addressing the city's overall decay, which has attributed to lower home prices.

The report suggests the city needs to tackle the housing issue immediately.

The Bay County Realtor's Association said the report isn't all doom and gloom, but hope it's what's needed to spark action.

"It's going to take time, there's no question about it, to get things turned around. But we're very fortunate here because we've got areas that can be recovered. There are areas that we've got in surrounding cities that are beyond hope right now, compared to what we've got here," said Bob Adamowski, with the realtor's association.

The report suggests a strong public sector response and a $7 million investment over the next five years.

It suggests the use of community block grant dollars to help homeowners with houses in the worst condition, investing in the Land Bank to demolish some blighted homes and to provide incentives to homeowners to make capital improvements.

"It was something we all knew. It was something I think was a bit of a jolt to read in black and white," said Rosemary Rosencranz, Bay City resident.

Bay City Mayor Kathi Newsham hopes the report will spark the city to make the right decisions moving forward.

"We don't want to hinder our residents. We want to keep them here. Obviously, we have to keep them here and hopefully with this study we'll find that way," Newsham said.

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