MILWAUKEE (WSAU-Wheeler News) The city of Milwaukee acquired thousands of foreclosed properties during the Great Recession. Now, they’re finally starting to sell more of them. Wisconsin’s largest city has moved 501 foreclosed houses and businesses to private hands this year. That’s the most since the housing market began to tumble in 2007.
Milwaukee has been teaming up with nine real estate brokers to sell foreclosed properties during the past two years. The partnership has accounted for about one-quarter of this year’s sales — which have included a shut-down restaurant and church. Selling those properties has been a priority for Milwaukee Mayor Tom Barrett. He has long said that foreclosed properties cause neighborhood blight.
Deputy city development commissioner Martha Brown says taxpayers benefit in two ways. First, the sites generate property tax revenues for the first time in a while. And the city no longer has to spend money to secure the buildings and keep up yards-and-such.
