This article in the Strib does a good job explaining why the Twin Cities are in the housing market picking foreclosed and vacant properties. Some feel the "market" will take care of itself, but as history has proven that is not the case.
From the article:
The early results have been impressive, but some critics continue to question whether government should invest so many public dollars in private real estate. They contend that cities are doing too much land speculation that will leave government -- and taxpayers -- on the hook for properties they might not be able to sell.
Those concerns are overblown, and they overlook the important role city governments should play in maintaining healthy residential neighborhoods. Even with the new investment, Minneapolis and St. Paul have a relatively small stake in the overall real estate market, and the lion's share of foreclosed and other properties remain in private hands. In St. Paul, about 2,000 properties are vacant -- up from 370 in 2004. Yet of that total, the city currently controls only about 200.
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