Buffalo's In Rem Foreclosure Auction
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The increase in tax foreclosure and property abandonment over the past five years has created an abundance of vacant properties in the City of Buffalo. In fact, Buffalo has the third highest vacancy problem in the nation, with between 12,000 to 18,000 vacant buildings. Buffalo trails only Detroit and New Orleans among the 100 largest cities. Although the subprime mortgage crisis did not hit Buffalo as hard as many other cities, tax foreclosures have risen over the past five years. As a result, the City’s In Rem housing foreclosure auction has grown significantly. In October 2009, Buffalo held its largest foreclosure auction in city history.