Looting of American citizens - Ohio cities buying foreclosed homes for 1 dollar each.

TALLMADGE, Ohio -- Under a U.S. Department of Housing and Urban Development program, cities in Ohio may buy unsold foreclosed homes for $1 each.

Through the program, any foreclosed home that HUD has unsuccessfully listed for sale for longer than six months is available for city purchase.

The city of Tallmadge, in suburban Akron, is hoping to buyat least one house as part of their efforts against the rising tide of abandoned homes in the city.

HUD advertises the Dollar Homes program as a way for communities to repair empty houses and resell them to help revitalize neighborhoods, but Tallmadge has a different plan.

City officials say they likely will tear down the house, sell the land and put the sale proceeds into the city's historic preservation programs.

http://www.newsnet5.com/money/14508725/detail.html

Or collective recovery ?

I don't see this as looting .... But as a net gain for the community ....

How very Republican that sounds.

I'm just sayin'
I love the guy, even though dogs hate him.

but when HUD lists foreclosed properties, I understand it's conducted as a sealed auction with a listed minimum bid.

Is the outrage here because the $1 cost to the city is below the minimum auction amount offered to the public?

While I am all for providing funding for the historic preservation programs, this is a terrible way to go about raising funds.

Edit: after re-reading this short article, it is unclear whether the homes they are tearing down are older homes that would not sell. If this is the case, they are gutting the fabric of the community and making way for McMansions.

Meanwhile people-no doubt the working poor-whose foreclosed homes are now being sold for $1-A BUCK(!!!) have not only lost their homes but also their dreams and may well be homeless to boot as we speak. Disgusting! :puke:

with their incessant regulations and protocols.

After we illegally invaded Iraq, we set about asking other countries to "forgive" billions in Iraqi debt. Billions of dollars, just written off. Can you imagine your credit card company, mortgage holder or landlord "forgiving" you your debt? Not a chance in hell. But the government suddenly becomes very compassionate when the benefactor is itself. :grr:

n/t