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by AnimalMuppet
2822 days ago
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> Homes can go to zero. Homes can go to below zero, which is why there are land banks all across the Rust Belt with thousands of properties they have trouble giving away. Could you give some reference(s) on this? I'd love to see a bank that was trying to give away property, and to find out why they couldn't (and to see if I could find a way where the property would have positive value to me). |
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https://www.stltoday.com/news/local/metro/lra-owns-the-st-lo...
The LRA usually ends up with these properties when they fail to receive any bids at the regular tax auctions. Fewer are falling into their hands, recently, because the hot housing market is driving folks to look at things they previously wouldn't have, but properties still routinely go unwanted:
https://www.stltoday.com/news/local/govt-and-politics/fewer-...
St. Louis is the market I'm most familiar with, but similar land banks exist in cities all across the country.