February 12, 2012

In Detroit, a housing auction of last resort

In Detroit, a housing auction of last resort

Kim Stroud holds up her bidders card during an auction conducted by the Wayne County, Michigan treasurers office to auction off nearly 9,000 foreclosed Detroit area properties.In a crowded ballroom next to a bankrupt casino, what remains of the Detroit property market was being picked over by speculators and mostly discarded.