HUD Stops Sale Of $1 Foreclosed Homes In Ohio, Michigan

In Ohio, The Cleveland Plain Dealer reports:

• Federal authorities have stopped Ohio and Michigan communities from buying and renovating hundreds of foreclosed houses, leaving local officials stuck with - and frustrated by - neighborhood eyesores. The U.S. Department of Housing and Urban Development said in a memo dated Tuesday that it has delayed the sales because it wants to review the program, and it might clear it within a month. The government's problem: There are more of these sales pending in Ohio and Michigan right now than there have been nationwide in the program's five-year history. The sheer volume in Michigan and Ohio raised alarms.

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• The federal government was going to sell the houses for $1 each, through a HUD program designed to give new life to foreclosed properties lingering on the market for six months or more.

For more, see:

• The Cleveland Plain Dealer: HUD stops Ohio communities from buying, selling foreclosed homes,
• The Columbus Dispatch: HUD halts Ohio's $1 home purchases (Governments snap up foreclosed houses).