Detroit house auction flops for urban wasteland - Truckers' Trucking Forum

Baack · **^ Top** #1 3 Weeks Ago

Quote:

DETROIT (Reuters) – In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded.
After five hours of calling out a drumbeat of "no bid" for properties listed in an auction book as thick as a city phone directory, the energy of the county auctioneer began to flag.
"OK," he said. "We only have 300 more pages to go."
There was tired laughter from investors ready to roll the dice on a city that has become a symbol of the collapse of the U.S. auto industry, pressures on the industrial middle-class and intractable problems for the urban poor.
On the auction block in Detroit: almost 9,000 homes and lots in various states of abandonment and decay from the tidy owner-occupied to the burned-out shell claimed by squatters.
Taken together, the properties seized by tax collectors for arrears and put up for sale last week represented an area the size of New York's Central Park. Total vacant land in Detroit now occupies an area almost the size of Boston, according to a Detroit Free Press estimate.
The tax foreclosure auction by Wayne County authorities also stood as one of the most ambitious one-stop attempts to sell off urban property since the real-estate market collapse.
Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days.

http://news.yahoo.com/s/nm/20091025/...ousing_detroit

danc694u · **^ Top** #2 3 Weeks Ago

.
This article describes exactly whats WRONG with our country better than any other I've read.

Our OWN Government is preventing homeless people from taking/maintaining possesion of seized property. Because they can't afford the taxes.

It's better for a person to be homeless and live in the street....than give up $1 damn dollar of tax revenue.

New Jersey is next on the list....despite what you read in the papers about CA and FL. Property taxes make up almost 1/3 of house payments in NJ. That money could be better spent....by the owners who need it.

stranger · **^ Top** #3 3 Weeks Ago

I would like to know who exactly these investors are, and who they are working for. Could it be the Federal Reserve is the investors, using one of their shill corporations?

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