The Detroit Land Bank Authority (DLBA) is essentially where homes are placed as a "last resort." Virtually all of the homes owned by the Land Bank are in need of major repairs. With 30,000 of Detroit's "forgotten" properties held by the DLBA, the City decided to start an online auction.

The response has been overwhelming. The website now boasts over 20,000 registered bidders from all over the world, and holds daily auctions. While most of these properties sell for under $50k, a home in the City's historic Boston-Edison district set an auction record by selling for $241,000. 

Boston Edison, home to many prominent Detroiters over the past century, is undergoing a renaissance. The district features sprawling homes built in the 1910's and 20's, a reminder of Detroit's former grandeur. The home, located on Boston Street, will require tens of thousands of dollars in rehab work before it is ready for occupancy. The DLBA sets strict requirements for buyers including a commitment to rehab the home withing a reasonable time frame. Read more about this story here.