18,910: Properties foreclosed in Detroit and headed to foreclosure

[Bryan H.]

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Someone on another thread was wondering why they would sell all home at an auction, instead of opening them up to others and driving up the price.

"Last year, 20,041 Detroit properties went to auction. 703 properties sold in the first round, and 11,831 sold in the second (county wide). 7,920 Detroit properties did not sell even for a minimum bid of $500."