How to Beat the Shrinking City Syndrome

Strategies for dealing with abandoned and blighted homes in a shrinking city are outlined in this article which outlines a recent, successful strategy in New Orleans involving an auction of foreclosed homes. The auction included about 100 vacant homes and over 1,000 people were in attendance to bid. Buyers included first-time homebuyers and local contractors as well as local residents looking for investment properties. Most of the properties were single-family homes and prices ranged from $5,000 to $175,000. This story notes the positive influence of individual buyers as opposed to large developers. This strategy is one way to draw people back to a shrinking city. Read the whole posting.

SOURCE: CitiWire.net, 4/29/11