Sunday, September 16, 2012

Please tell Me Again Why Michigan Is A Blue State?

From the Detroit Free Press: Some 22,500 properties from Belleville to Detroit to Grosse Pointe Woods are up for grabs in the Wayne County treasurer's tax foreclosure auction.
By the end of this week, bidders could walk away with tidy bungalows in Harper Woods, a Tudor-style mansion in Detroit, or newish condos in Canton. Urban farmers could go after open land in Detroit. Developers could buy commercial and residential stretches in places such as Taylor and Highland Park, or in large swaths of cities such as River Rouge, Inkster and Ecorse.
The auctions, which started Friday, last three to six days, depending on the property.
To win a piece of one of the largest land auctions in the country, buyers must pay the back taxes.
Last year, according to www.bid4assets.com , which brokers the county's auctions, the September auction sold 7,500 properties for the county and brought in some $32 million in revenue.
It's welcome cash for a county bending under the weight of being a reluctant landowner....
Even though the prices are low, Szymanski said, only a handful of the 22,500 properties will sell. That is why the county has a second round of auctions in October, with a second round of registration deadlines to be announced.
The opening bids for those auctions will be $500. And even then, a lot of properties won't sell. This summer, the county held an auction for about 6,000 properties that didn't sell in the two auctions of 2011. That auction sold about 1,200 properties, earning more than $800,000.
When properties don't sell, the city or township where they are located can absorb them. The largest landowner in the city of Detroit is the city itself.  http://www.freep.com/article/20120916/NEWS02/309160183/22-500-Wayne-Co-properties-are-up-for-bid-for-unpaid-tax-bills?odyssey=mod|newswell|text|FRONTPAGE|s
 This is a disgrace that 22,500+ properties are for sale in one county because the owners could not pay the taxes.  It tells me that perhaps the taxes are too high in Wayne County.  It also tells me that for 22,500 or so property owners bought their house with high hopes of owning a home and then the heartache that comes with the house being foreclosed on by either the bank and/or the government.
And if you want a cheap house, here's you chance to buy 1 but of course, the problem is that the houses are in Detroit and surrounding areas.

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