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Mon September 24, 2012
"World's largest property auction," Wayne County finishes first round
Wayne County has finished the first round of what’s been called the "world's largest property auction."
The county is trying to get rid of more than 22,000 tax-foreclosed properties by auction. More than 20,000 of them are in Detroit.
But despite the glut of vacant properties, housing prices are headed up in certain areas of the city. Bob Dorsey is chief analytics-officer with F.N.C., which tracks housing prices nationwide every month.
"We've noticed that there are certain neighborhoods that have done extremely well, and others that have are still very flat or even declining," said Dorsey.
Dorsey said many investors see money in an expanding rental market in Detroit, and nationwide. Leaders in Detroit’s downtown and midtown areas say housing demand now out-paces supply there.