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  2. Bill McMachen of Michigan Buys Hundreds of Foreclosed ... - AOL

    www.aol.com/news/2012-08-03-bill-mcmachen...

    For around $4.7 million, you might be able to snag one gleaming, top-of-the-line luxury home in a top market. In Michigan's Macomb County, though, it bought one man 627 homes. Bill McMachen, who ...

  3. Penny auction (foreclosure) - Wikipedia

    en.wikipedia.org/wiki/Penny_auction_(foreclosure)

    The process—usually achieved with a combination of intimidation, threats, and physical force—effectively circumvents foreclosure by forcing the lender to relinquish the property without an opportunity to recuperate the balance of the loan. The term arose during the foreclosure of farms during the Great Depression in the United States.

  4. Michigan's top court gives big victory to people trying to ...

    www.aol.com/news/michigans-top-court-gives-big...

    The Michigan Supreme Court said Monday that its 2020 decision stopping local governments from keeping cash windfalls from the sale of foreclosed homes can be applied retroactively, meaning that ...

  5. Michigan Supreme Court weighs in on tax foreclosure profits ...

    www.aol.com/michigan-supreme-court-weighs-tax...

    In another case, the state of Michigan foreclosed Lynette Hathon and Amy Jo Denkins’ property in 2018 for nonpayment, sold it for $28,250 at the auction and retained the surplus proceeds. They ...

  6. Low-Income Housing Tax Credit - Wikipedia

    en.wikipedia.org/wiki/Low-Income_Housing_Tax_Credit

    The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.

  7. 2000s United States housing bubble - Wikipedia

    en.wikipedia.org/wiki/2000s_United_States...

    Median cost to purchase a home by U.S. state Median cost to purchase a home by U.S. metro area Fig. 1: Robert Shiller's plot of U.S. home prices, population, building costs, and bond yields, from Irrational Exuberance, 2nd ed. [1] Shiller shows that inflation-adjusted U.S. home prices increased 0.4% per year from 1890 to 2004 and 0.7% per year from 1940 to 2004, whereas U.S. census data from ...