Detroit: Land Bank to take on 7,900 unsold properties from foreclosure auction

Detroit has an estimated 79,000 vacant properties, and Wayne County has about 43,000 homes that are at risk of tax foreclosure and inclusion in a 2013 property auction. At the most recent Wayne County foreclosure auction — the largest in the world — the 7,900 tax-foreclosed properties went unsold despite a starting bid of just $500.  The question of what is going to happen to the 7,900 properties that did not sell in the Wayne County foreclosure auction in October appears to have been answered. The Detroit News reports that the little-known, quasi-government entity Detroit Land Bank Authority (DLBA) will be taking on the nearly 8,000 properties. The DLBA has already been using federal money to buy, renovate and sell Detroit properties on a small scale as part of the Neighborhood Stabilization Program.

Michigan Live

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s