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Real Estate Binge Buyers

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Detroit has a real problem when it comes to binge-buyers: property owners taking advantage of the cheap prices to purchase hundreds of properties in distressed neighborhoods who then fail to improve them. And the culprits include some names you know: Dennis Kefallinos, owner of dozens, if not hundreds, of properties in the city. Manuel "Matty" Moroun, owner of the Michigan Central Depot and at least 600 other parcels in the city. Michael Kelly, believed to be the largest private landowner in Detroit with some 1,100 parcels; and Matthew Tatarian, who owns some properties with Kelly. [Freep]