Detroit works to restore functional housing market

Detroit has begun an innovative experiment to address a six-decades-long flight of 1 million people that has left the housing market battered.

Civic and business leaders have identified eight neighborhoods that they believe have the best chance of a revival. The city is moving aggressively to demolish structures that are beyond repair and auction ones that are salvageable. A community bank has begun an effort to sell newly rehabbed houses, even if it means taking a loss.