Report: More Rebuying Foreclosures To Escape Debt

DETROIT (AP) – A published report says more Detroit homeowners and landlords are escaping property tax debts by rebuying their foreclosed properties at auction.

The Detroit News reports that its analysis found property owners erased at least $4.7 million in property taxes and liens this fall on more than 400 properties. That’s double the number of buybacks found at 2010’s Wayne County tax foreclosure auction.

Word of the increase in buybacks comes as the city faces ongoing financial problems that could lead to the appointment of an emergency manager.

The increase has prompted the office of Mayor Dave Bing and others to call on the Wayne County treasurer or the state Legislature to crack down.

The News reported about the practice in September. Since then, the treasurer’s office has made reforms.

© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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