City officials in Syracuse, N.Y., have announced plans for a mass foreclosure sweep in November on the tax-delinquent properties.
The Syracuse Post-Standard reports that the owners of approximately 3,900 properties – more than 9% of the city's 42,000 land parcels – are at least two years delinquent on their taxes, thus making the properties eligible for seizure.
The foreclosure seizure process is expected to take up to three years to complete. The ownership of the seized properties will be transferred to Greater Syracuse Property Development Corp., a nonprofit land bank.
