One-dollar house mirrors hollow out of Detroit (4)

Though Michigan state belongs to rust-belt, some localities have tried to develop new industries and recovered in the past decade. For example, about half of the World 500 companies have opened offices in Oakland County, which witnesses growth of biotechnology, electronics, space and aircraft, alternative energy, robots, defense and homeland security. Oakland is now one of the 10 richest counties in the United States.

As for prospect of Detroit, Gibb said that it is almost impossible to restore the past glories of Detroit. With the state appointment, Kevin Orr began his term of the emergency financial manager for Detroit on March 25. He has to cut municipal spending, negotiate with unions, sell some municipal properties and lower payment of municipal officials. The city needs three to five years to solve the financial difficulties.

But economist Michael Digiovanni was much optimistic about the future of Detroit. The professor of University of Detroit Mercy said facts prove worries about GM and Chrysler's bankruptcy wrong. Bankruptcy for a company is a process to slim and raise competency. After reducing burdens and cutting spending, Detroit will improve the environment and develop new industries while maintaining its traditional advantages such as cultural and entertainment facilities. As one of the top 20 cities, Detroit will attract young people finally.