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Mon May 12, 2014
Detroit Land Bank to expand auctions to more neighborhoods
A new experiment meant to fill some of Detroit's vacant city-owned homes appears to be paying off.
City officials plan to announce an expansion of the online auction today.
The Detroit Land Bank Authority started putting one house up for auction on a website each day last week. Bids started at $1,000, and all five drew high bids between $30,000 and $42,000.
So far, 6,000 people have signed up to bid.
Now, city officials say they'll announce auctions in two new neighborhoods – including the once-exclusive Boston Edison district.
The homes going up for auction all need some work. The city requires that winning bidders show a contract to rehab the home within 30 days of closing – and provide proof of occupancy within six months.
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