The cost of demolishing condemned properties in Milwaukee is squeezing city finances. So this week, leaders will ask the state for more aid to combat the problem. It grows bigger by the day. We took a first hand look.
Huge metal teeth bite into the second story of a house on North 26th Street. Moments later, support beams crack and the walls fold. Finally, the roof collapses. Perhaps that’s an apt metaphor for the effects of the recent economic downturn. The recession caused the roof to fall in on many homeowners. Hundreds, unable to make monthly payments, abandoned their homes.
The northwest side of Milwaukee has been a hotbed of real estate activity in recent months. Investors have been purchasing foreclosed homes and turning many into rental properties. WUWM’s LaToya Dennis found that some of the entrepreneurs are using their retirement accounts.
Milwaukee will host a home ownership fair Saturday. The goal is to unload many of the foreclosed properties both banks and the city own. City Hall estimates there to be 4,000 such houses. WUWM’s LaToya Dennis learned of potential buyers who view foreclosures as a great business opportunity.