Nobody Wants To Buy (Four Fifths Of) Detroit

Detroit tried to auction off almost 9,000 homes and lots last week—enough property to fill Central Park—but Reuters says less than 1/5th of what went on the block actually sold. Unfortunately, it sounds like speculators snatched up few decent properties, leaving actual Detroit residents looking for new homes out in the cold.

“Detroit house auction flops for urban wasteland” [Reuters]
(Photo: stan)