Milwaukee Sells Several Foreclosed Homes for Just $1 Each

Milwaukee, the biggest city in Wisconsin, is one of the metropolitan areas across the US where the rate of foreclosure has been consistently high in the past few quarters. As thousands of foreclosed homes go to the inventory, the city government has decided to tackle this problem in a different stroke.

The city has announced that it is set to sell less than a dozen foreclosed homes for just about $1 each. Milwaukee city officials said the attractive and surprising tag price would just be an introductory price for a pilot program dubbed as ‘Home for Holidays.’ Auction and sale of the foreclosed properties would take place at the Italian Community Center this weekend, from 9 in the morning until 2 in the afternoon.

‘Home for Holidays’ is in line with Milwaukee’s aim to free itself of a continuously expanding list of foreclosed and vacant homes. Logically, such homes are incurring costs to the city. City officials recognize the fact that vacant properties due to foreclosure are often becoming ‘nuisance properties’ that attract criminals and vagabonds. The properties are also non-performing and are not active on the city tax rolls.

To date, there are up to 2,000 foreclosed homes that are held by the Milwaukee city government and several banks across the city. There are about 6,500 foreclosure filings that are pending. The city government continues to be alarmed by that rising number.

 Thus, the city has prompted its counselors as well as lenders and realtors to cooperate and coordinate with each other to help alleviate the rising foreclosure trend. Thus, the home ownership project was conceived and launched, in time for the Holidays.

Through ‘Home for the Holidays,’ Milwaukee expects strategic homebuyers and investors to purchase any of foreclosed homes for sale at very attractive price tags. Those buyers are expected to invest in having those homes renovated, fixed up, or re-decorated. They would also assume payment of taxes and take a mortgage worth $500 or less.

According to a Milwaukee-based foreclosure consultant, the home-sale event is more about education; the city wants to make sure new homeowners would be smart enough when making home purchases. Milwaukee hopes the project would help prevent another foreclosure crisis from happening in the future.

The $1 foreclosed homes for sale are expected to sell like hotcakes. For more interesting news about foreclosures across the US, visit ForeclosureConnections.com.