New Orleans city authorities are organizing huge auction of vacant homes . The auctions will be held in the coming days and weeks to help fill a backlog of foreclosures that has been building for years.
New Orleans city authorities are organizing huge auction of vacant homes . Mixture of tumbledown shacks , empty lots - and at least one apartment . Buyers have to contribute $ 650 deposit and $ 3,000 in transaction fees . But there is no minimum price at the auction itself . All homes have been unclaimed for at least 5 years and have huge tax bills . City will wipe debts for new buyers - and use sale price to swell coffers .