Detroit home auction program falters

The Detroit News reports:

A home auction program launched amid great fanfare in May has hit some snags as buyers struggle with financing in what's been a dismal housing market in the city.

Detroit Mayor Mike Duggan set out with the goal of auctioning around 400 abandoned homes by the end of 2014 and met it, with a final tally of 394 on Dec. 31.

But seven months into the program, figures show that sales had closed on just over a third of the properties, 37 others were delayed, and several dozen had fallen through, according to the Detroit Land Bank Authority.

The struggles of Blue America.