Another wave of foreclosures is hitting metro Detroit as county treasurers auction off the properties of struggling homeowners, the Detroit News reports.
August and September are the months that state law instructs county treasurers to sell the homes, land and commercial properties seized for unpaid property taxes from 2009. In Macomb County, all 657 properties were sold for $4.7 million to a single bidder at the end of July. Oakland County recently completed a three-day auction of tax foreclosures, selling more than 1,600 properties.
Starting Sept. 14, Wayne County will auction a record 22,500 properties. It is an increase of 57 percent from last year's 14,300 foreclosures — which itself was a short-lived record.
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Detroit News
