Macomb county (that area east of Detroit outlined above) has a new real estate King. Or Queen. Someone just bought 650 properties on a single day, at a single tax auction, for a mere $4 M. According to Fox News, hundreds of people hoping to buy foreclosures were upset when the company took it all for a minimum bid before they got a chance at buying. But Macomb County Treasurer Ted Wahby (who looks a little like the The Penguin in Batman, at least when mad/serious) is confident this was the right decision.
"By packaging the good with the bad, it's in the center for somebody to come in and buy it all," Wahby said. "People who are going to buy five or ten houses weren't buying them because they wanted to move in," Wahby explained. "They wanted to make money on them, and God bless them, I wish they could have, but that's not my mission. I have a job to do. I have to collect the taxes, and that's what we did." The article did not name the company that bought.
· Macomb County sells foreclosed homes in package deal [Fox Detroit]