Thursday, October 27, 2005

Almost 700 Buffalo Properties Auctioned

The Buffalo News examines the outcome of the huge auction in that city. "Buffalo's get-tough stance on collecting delinquent taxes and fees spawned the highest revenue-producing foreclosure auction in city history. For the first time since the auctions began in the early 1980s, high bidders broke the $4 million mark, pledging about $4.5 million for 683 properties, including vacant lots, homes and commercial buildings."

"Mayor Anthony M. Masiello said he's 'very comfortable' with the more aggressive approach, noting that hundreds of people who demonstrated financial hardship were given court stays or allowed to set up payment plans. 'We've provided help to those who legitimately need it,' Masiello said. 'But if we didn't do what we're doing, it would send the wrong message to people who are paying.'"

"Hundreds of properties sold at this week's auction had delinquent garbage fees, some going back to when the fee was first imposed in the mid-1990s. About 2,400 properties were offered for sale at this year's auction, but only 683 received opening bids. The city acquired 545 properties that did not receive sufficient opening bids; another 1,200 foreclosures were adjourned."


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