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 had been abandoned or foreclosed.
With unemployment over 27 percent, Detroit is by far one of the hardest-hit cities in America. Detroit's population has dwindled from a peak of nearly 2 million in the 1950s to an estimated 800,000 today. Despite efforts by the city to revitalize the downtown, much of the city is turning into a ghost town, according to Reuters.
Tags: Detroit, foreclosure, michigan, Unemployment
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