The Tampa Tribune reports:They turned the other way when settlement documents appeared peculiar. They didn't object to paying tens of thousands more for homes so other people could collect the money at closing. Altogether, 65 buyers made 303 property transactions over the past five years.
Of those transactions, 160, or 53 percent, resulted in foreclosure.
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When people talk about real estate always in demenad remember these types of transactions. There was not demand for these properties as homes only investments. Next we'll do the math to show why there might be more than 4 million extra houses right now.
4 comments:
MURST.
That's what you get for investing in America'a wang. Oh SH*T - I invested there too. Drat!
MOIST!!
It seems there is so much of this fraud jacking up prices. You don't have to dig very deep -- it is on so many bubble blogs.
Funny that there would be a need for cashback at closing when buyers were so deep and everywhere. Now there can't give away housing.
I was passing through FLA once and heard on the radio some realtors/builders/whoever were offering buy one home, get one free deals. One way to reduce the inventory, eh?
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