Swimming in tax foreclosures, Michigan’s Wayne Countytreasury office is planning to bundle hundreds of dilapidated tax foreclosure properties into one package at its fall auctions, reported Crain’s Detroit Business.
In the past, the treasurer’s office has experimented with bundling for cases such as subdivision projects that fell apart. This would be the first time the county has bundled so many properties, however.
The bundling is part of a strategy to best position the properties for the future. The idea is to make the bundle appear so unappealing that the properties don’t sell. Many of the properties have dilapidated structures that should be demolished, said the chief deputy treasurer, Dave Szymanski.
The number of bundled properties could be as little as 400 or as high as 1,000. Solitary dilapidated structures that sit in an otherwise solid block of residents would be at the top of the list, as opposed to several dilapidated structures in a largely vacant block.
Builders’ sales offices are being filled on weekends byhomebuyers looking to purchase a house before prices and interest rates climb higher in the Phoenix metro area. While more homes are being built than in 2012, the pace of the recovery is not accelerating as fast as had been anticipated, according to AZ Central.