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

To: Jim McMannis who wrote (300522)	12/28/2010 2:43:19 PM
From: Broken_Clock	Respond to of 306849

My buddy was going to buy and flip reo's in portland because "it was a strong economy" like seattle. prices fell right through his auction prices. He is closing a 5,500' duplex craftsman in an excellent area this week. Been in n out of escrow more times than he can count. Made 20k. He had over 500k in it after repairs, buyer concessions, etc. When he picked it up at auction 5 months ago the anticipated "give-a-way" price was mid 6's.... basically in 6 months the price dropped a 100k.