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Thread: HUD foreclosures: local governments pay $1

  1. #1
    Cyburbian Veloise's avatar
    May 2004
    Grand Rapids, Michigan (Detroit ex-pat since 2004)

    HUD foreclosures: local governments pay $1

    HUD might need some PR help with this.

    Moderator note:
    Come on. Put some more effort into the post. Don't just put a link and a sentence. Low content posts are not desirable.

    Last edited by mendelman; 11 Feb 2008 at 8:50 AM.

  2. #2
    This may not be as much as a bargain as it sounds. How deteriorated are these houses? Is there rehab money? Years ago, many cities had these buy a house for a buck programs and the properties took as long as decades to return to productive use, if they didn't burn down first.

  3. #3
    Cyburbian DetroitPlanner's avatar
    Mar 2004
    Where the weak are killed and eaten.
    Holland/Zeeland are not run-down towns. This would be one of the more successful places to try this in the mid-west.

    The current foreclosure problem is much more complex in Michigan. With tens of thousands of manufacturing and engineering jobs being lost every year there is a glut of housing and folks are not migrating in. This leaves lots of unwanted houses that can't sell.

    These homes if left vacant long enough become eysores, often get stripped, and become open for just about anyone to enter (safety). For example, I have one of these across the alley from me. Calls to the City or to the realtor result in no action. I have invested in my own clasp to keep the back door shut, though not perfect, it does give the appearance that you just can't walk in from the alley.

    I would agree that a City would need to be very careful about which houses to purchase, but it needs to think about this or over time it will impact the value of the entire neighborhood and push more folks out to the suburbs.
    We hope for better things; it will arise from the ashes - Fr Gabriel Richard 1805

  4. #4
    Cyburbian dandy_warhol's avatar
    Aug 2005
    we're involved with a few projects where the City is taking ownership of MBBA properties from the County. the City is then selling the properties for $1 to applicants with the best proposal selected from a pool of applicants.

    the idea being get this vacant lots or dwellings in need of rehab back on the tax rolls.
    In the end, we will remember not the words of our enemies, but the silence of our friends. -Martin Luther King Jr.

  5. #5
    Cyburbian Brocktoon's avatar
    Apr 2006
    Promoting synergies...
    In Washington DC Home Again program they bought up many abandoned and burned out row houses through the District and bundled them in groups of ten and sold them to developers. The bundles had homes in both the gentrifying areas and the areas were development was not happening to help improve the city as a whole.
    "You merely adopted the dark. I was born in it,..." -Bane

  6. #6
    Jan 2008
    Above the RiverValley
    An article in the local paper states that one inner ring and one 2nd ring suburb are joining this program. Both are looking at rehabbing them on the city's dime then reselling at market value. I did note that both city's are concentrating on single-family homes.

    In my town the idea has been batted around a bit. I would be interested in seeing how the D.C. model works in detail.


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