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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: UncleBigs who wrote (70919)	10/4/2006 10:07:09 AM
From: last2no2	Read Replies (1) of 110194

Uncle, My daughter just brought a house in Sterling Heights, MI on Monday. She got married in June of this year and had these nesting instincts to move out of the one bedroom apartment that she and her fiancée were renting for $500 per month with water and heat. They picked up a two year old house with new houses under contract for $317,000 being built next door and in the sub. The house that they picked up sold in 2004 for $324,000 and the owner put in a $15,000 to $20,000 brick paver deck with nice boulders and trees. The owner put the home on the market June 10 at $350,000. She was relocated to Tennessee and had two house payments. My daughter and her husband paid $266,000 or a 24% discount to the asking price in June of this year. Oakland County is foreclosing 2400 homes per month. We went to a bank auction in May and a foreclosed home with a transfer tax stamp of $212,000 in February of this year went for $135,000. The buyer has put it on the market for $175,000 but has yet to sell the house. Darryl

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