|
Foreclosed home auction brings deals and protest
With barely a break in the auctioneer's voice, one-hundred-sixty-six foreclosed homes sold within just a handful of hours at the Minneapolis Convention Center today. The Real Estate Disposition Corporation (REDC) was selling those homes for banks that owned them. It was a perfect opportunity for one young couple who was tired of paying rent, to buy their first home. Kenny Williams thinks the home he bought with his girlfriend today was a "Very good deal, we hope." Like many at today's auction, they got their new property for less than half of its previous value. Williams says the home in Uptown Minneapolis, "was previously valued for $250,000 and we got it for $57,000." He thinks it's a sound investment. It also means one less vacant home for the city. Shannon Wilks of REDC says, "We want to put people back into these homes to help stimulate the economy." That optimism was not echoed outside the convention center where the Minnesota Coalition for a People's Bailout was determined to make some noise about the foreclosure crisis. About 40 protesters chanted, "Banks got bailed out. People got thrown out. Stop foreclosures now." Deb Konechne of the Minnesota Coalition for a People's Bailout says, "We're not here to argue with the people who are trying to get into housing. Our issue is that there shouldn't be these houses up for sale." She continued saying, "We're in the worst economic crisis since the Great Depression. It's not the time to be foreclosing on families homes." It's a crisis these protesters believe was caused by the banks. So they're against bailouts and want a foreclosure moratorium so people like Rosemary Williams can stay in her home, one she's been living in for more than 20 years. She was foreclosed on and has to be out this Monday. Williams says, "The crooks and criminals banks, they don't care. I'm getting the runaround can't even find out who has my mortgage now." The Minnesota Coalition for a People's Bailout is working on a bill at the state capitol that would impose a moratorium on foreclosures and evictions caused by foreclosures on landlords. Meantime, REDC will be holding another auction in May.
(Copyright 2009 by KARE. All Rights Reserved.) (Copyright 2009 by KARE. All Rights Reserved.)
|
 MORE HEADLINES |
||||||||||||||||||||||||||||
|
