Albuquerque unsure how much property it owns

From KRQE-TV.com - by Kim Holland - ALBUQUERQUE (KRQE) - The city of Albuquerque was overly aggressive in spending tens of millions of dollars during the last decade to buy troubled and neglected properties throughout the city. "We're really in a situation now is we couldn't sell them for what we paid for them," said Rob Perry, the city’s chief operating officer.
Today, the city owns more than 2,200 properties across the city, though officials couldn’t be more exact because they aren’t sure themselves exactly how many properties the city bought. Not all of the properties were acquired in the last decade, however. Some came in land swaps, while others were donated, "Many were acquired historically 20, 50, 75 years ago and the records just aren't there,” Perry said.
Most of the properties bought in the last decade, however, were purchased with the idea to clean up crime-ridden, sometimes abandoned and trashed lots. Officials planned to resell some of the properties it bought and redevelop others as community centers or low income housing. But the economy tanked and most plans were put on hold. Now the city, which is sitting on $600,000 in mortgages, admits it may have gone overboard. Read more

Albuquerque unsure how much property it owns