land banks

Pranksters with too much time on the hands are alleviating their boredom by scavaging around Detroit’s ample supply of abandoned and vacant properties, The Wall Street Journal reports. A staff  videographer even documented a group of perpetrators in the act of pushing a dump truck out a fourth-floor window of an old Packard plant. Click [...]

Over at WalletPop, they’ve looked closer into a big recent auction of foreclosed properties in Detroit, and it’s an even bleaker situation than first reported.
The Wayne County auction of some 9,000 repossessed properties last week resulted in more than 80 percent of them failing to draw a single bid. And that’s even with the minimum [...]

The New York Times gives high-profile treatment today to efforts in Flint, Mich. to deal with a deluge of abandoned and vacant properties by literally shrinking the city — demolishing the houses, urging people to leave, cordoning off the decay and leaving it to nature. The Times focuses on Genesee County Treasurer and Land Bank [...]

Abandoned and vacant homes rapidly piling up in neighborhoods around the country serve as symbols of the secondary damage caused by the foreclosure crisis — a catastrophe felt on the ground but still unseen by Washington.