Oakland County pushes for land bank to deal with foreclosures

metromode, 7/30/2009

Oakland County is beginning to publish its stock of foreclosed buildings electronically to prepare them for auction. However, at least one Oakland County official would like to see this process changed -- with a land bank.

Oakland County Treasurer Andy Meisner sees a number of things wrong with the auction process. It's why he is pushing for Oakland County to form a land bank, as many other Michigan communities have done, to handle its problem properties.

"There are some perils with the auction approach," Meisner says.

For instance, speculators are scooping up large batches of these homes and, at best, turning them into rentals. More than people like to admit end up falling further into blight and becoming eyesores, weakening what were once otherwise strong neighborhoods. Meisner says this sort of speculation is the junk food of the real estate market, supplying short-term profits at the expense of long-term investment.

"We're rolling up our sleeves and trying to get families in those houses," Meisner says.

He adds that a land bank gives local officials the power to package parcels and sell them to a developer or even ensure that individual buildings end up in the hands of local residents. Right now he is trying to build up awareness about the idea, and hopes to begin a legislative push for one later this year.

Source: Oakland County Treasurer Andy Meisner
Writer: Jon Zemke

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