Apr 18, 2011
More than 12,000 properties are about to be auctioned in Baltimore City for unpaid taxes or unpaid water bills. The taxes owed are a few thousand dollars, which is a very good price to buy a house. Investors line up to get these properties on the cheap, knowing they will make a big profit in the future.
Some of the houses in the auction are homeowners behind only a few hundred dollars on their water bills. Yes, in Baltimore more than 200 homeowners lost their homes due to unpaid water bills, some for as little as $250.
The politicians bemoan the fact that 20% of Baltimore residents are living in poverty and 30,000 houses are already vacant. Well, the politicians helped create this horror!