Syracuse HUD Auction Unsuccessful
May 2, 2008
After denying local government requests to further postpone auctions on several properties, HUD put the apartment complexes on the auction block. Not a single bidder came forward.
Previously, HUD had offered local Syracuse officials a short postponement. But, when they were unable to find a suitable buyer during that time, HUD decided to go forward with the normal proccess.
Hilary Clinton released a statement condemning HUD’s choice and supporting the local officials:
“After hearing multiple appeals seeking additional time for the City of Syracuse City to continue their search for a developer capable of rehabilitating the ElJay apartments, HUD instead chose to dive head first into the auction process. Today, HUD proceeded with their ill-advised auction which was wholly unsuccessful, and failed to attract a single bidder.”
As foreclosures increase, HUD seems to be having a rather difficult time. They hold too much inventory in declining markets, their president recently resigned amidst scandal, and they are having difficulty working with local governing boards.
See Also: HUD Foreclosure Guide