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Foreclosure Auctions Finding Few Bidders in Detroit
Updated 3 months, 1 week ago
Source: http://www.totalbankruptcy.com/
A recent auction of foreclosed and abandoned properties in and around Detroit, Michigan, saw only one-in-five properties sold—despite an opening bid of only $500.
Almost 9,000 homes and lots were on the auction block at the Wayne County tax auction, according to Reuters, with a total land area almost the size of Boston. At the end of the four-day auction, less than 1,800 properties were sold.
The auction was held by Wayne County to recoup unpaid property taxes, many for homes that ...
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