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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (42290)	9/29/2005 12:46:06 PM
From: redfish	Read Replies (2) \| Respond to of 306849

I've never had cable and didn't know who Bartiromo was until was until relatively recently. Have never seen Cramer or Kudlow or any of the others. I can't say that not having access to CNBC has ever caused me grief.

To: orkrious who wrote (42290)	9/29/2005 12:59:15 PM
From: orkrious	Read Replies (1) \| Respond to of 306849

Mrs. Ork just came into my office and said "I just found a scam." She's a RE agent and has access to all of the local sales records. She's familiar with the subdivision in this story because she lived there prior to our getting married four years ago. A house in her old sub that was owned by someone she knew had been on the market for over a year. It started around $450k. I remember around the first of the year when Mrs. Ork told me it sold for $410. It's now vacant. Mrs. Ork's old neighbor just called and told her that the subdivision association had called a meeting tonight to talk about what to do about this house that was now not being taken care of. The yard is overgrown, etc. It turns out that on the same day in January it was sold for $410k, the purchaser turned around and sold it for the same price to a company whose name makes it sound like they are a builder. In March the builder sold it to someone else for $530k. A mortgage was taken out for over $500k. It comped out for an appraisal because the next sub over is brand new, with more expensive similarly-sized homes. It's now in foreclosure with a balance of $497k. It looks like the whole thing was a scam, and someone pocketed over $100k.