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$500.00 Homes In Detroit

Mike

Well-known member
$500 Homes in Detroit Not Selling: What’s next, free homes?
by Moe Bedard on October 26, 2009


When foreclosed homes do not sell at auction, the auctioneers lower the price to entice potential home bidders. When the price goes as low as it can go, do they then just give these unsalebale homes away?

My prediction in the next two years is that certain areas of the country such as Detroit, Michigan will actually give homes away to qualified residents who agree to upkeep and work in the communities.


Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days.

The county had no estimate of how much was raised by the auction, a second attempt to sell property that had failed to find buyers for the full amount of back taxes in September.

The unsold parcels add to an expanding ghost town within the once-vibrant town known worldwide as the Motor City.

Critics say the poor showing at the auction underscores the limits of using a market-based system to clean up property tax problems. They say the system has enriched a few but failed to deliver a way for Detroit to staunch its dwindling population and could worsen the vacancy crisis.

Would anyone care to speculate on why Detroit is such a hellhole?
 

Soapweed

Well-known member
Mike said:
$500 Homes in Detroit Not Selling: What’s next, free homes?
by Moe Bedard on October 26, 2009


When foreclosed homes do not sell at auction, the auctioneers lower the price to entice potential home bidders. When the price goes as low as it can go, do they then just give these unsalebale homes away?

My prediction in the next two years is that certain areas of the country such as Detroit, Michigan will actually give homes away to qualified residents who agree to upkeep and work in the communities.


Despite a minimum bid of $500, less than a fifth of the Detroit land was sold after four days.

The county had no estimate of how much was raised by the auction, a second attempt to sell property that had failed to find buyers for the full amount of back taxes in September.

The unsold parcels add to an expanding ghost town within the once-vibrant town known worldwide as the Motor City.

Critics say the poor showing at the auction underscores the limits of using a market-based system to clean up property tax problems. They say the system has enriched a few but failed to deliver a way for Detroit to staunch its dwindling population and could worsen the vacancy crisis.

Would anyone care to speculate on why Detroit is such a hellhole?

The labor unions priced themselves out of a job. Instant gratification led to long-term delapidation.
 

Steve

Well-known member
When the price goes as low as it can go, do they then just give these unsalebale homes away?

in the past cities such as Detroit, Camden, Baltimore, Philadelphia have had to bulldoze the properties at tax payers expense..

Decades of poor and at times corrupt administration have also taken their toll, and with the city facing a deficit of between $85 and $124 million this year, the answer, says Mr Bing, is to accept reality and reduce the size of the city.

"There is just too much land and too many expenses for us to continue to manage the city as we have in the past," he said. "If we don't do it, this whole city is going to go down."

Plans currently being devised would be the most revolutionary carried out by a major American city.

Large chunks of neighbourhoods would be razed and converted to parks, urban farms or simply abandoned. As an opening bid, Mr Bing has vowed to demolish 3,000 homes this year, and a further 7,000 over the following three years. Some are speculating that up to 40,000 homes could eventually go.

Saving Detroit will be a mammoth effort. Almost a third of the city's 139 square miles is vacant or derelict,
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/7778335/Detroit-to-bulldoze-thousands-of-homes-in-fight-for-survival.html
 

Faster horses

Well-known member
Our little friend that is studying to be a doctor ( and who is brilliant, by the way) has earned an internship at MIT. She is there this summer.
She says it is scary there. Big pictures of Obama all over the place.
They worship him there. That is scary. :shock:
 
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