Detroit Bidder Purchases 6,000 Foreclosed Properties

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A mystery bidder in Detroit has purchased 6,000 foreclosed properties in the area for $3.2 million – just about equal to the minimum allowable bid of $500 per property.

According to Bloomberg Businessweek, the properties include approximately 3,000 structures that need to be torn down, 2,000 empty lots, and about 1,000 homes that are thought to have some value.

This year alone, Wayne County has seen approximately 56,000 properties enter foreclosure with about 20,000 of those sent to auction.

Image via flickr/ Taber Andrew Bain

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