On Tuesday, a Wayne County review team has determined that Detroit is in a financial crisis due to budget deficits and a severely underfunded healthcare program.

Governor Rick Snyder has only a week and half to officially declare Detroit’s financial crisis.

Wayne Executive Warren Evans requested the status of Detroit’s economy, asking the state for an official declaration of financial crisis declaration and an agreement to fix such issues.

The review team appointed July 2 said Wayne County’s past yearly budgets and a $1.3 billion unfunded healthcare initiative have led to the existence of Detroit’s financial crisis.

Detroit has gone through this before, when it went through a similar review process that led to the filing of the biggest U.S. municipal bankruptcy. Detroit recently exited the bankruptcy last December, after shedding about $7 billion of its $8 billion of debt and obligations.

APPLICATIONS TO REAL ESTATE

For the real estate market, this is a great time to buy. If Detroit’s previous financial crisis taught us anything, it’s that the market is volatile, but beatable. From the crisis of 2008 to 2013, Detroit’s real estate market has decidedly improved.

We took a trip to Detroit to look for new prospects for ENDVEST.com, as many real estate experts peg it as the next area to gentrify and explode in popularity. Beautiful, pre-war buildings sit empty on low-traveled streets. But a Friday night Rolling Stones concert has the people of the rhythm-rooted city tapping their feet, and flocking to restaurants, bars, and shops.

We discussed with our broker the Detroit landscape, and it’s a real-life game of Monopoly. A select few own the vast majority of property in Detroit, and are holding, or buying. As a result, there’s low inventory, but low prices. So what’s going on?

The market is still sore from Detroit’s previous financial crisis.Values haven’t bounced back like they have in other, stronger areas, like New York and San Diego.

We found some exciting prospects on our trip to Detroit, we listened to some great music, and we’re eager to enter this market with full force. We can’t wait for you to join us.

• Detroit