'Flips and scams' in California
August 26, 2007 | 9:29
pm
Reuters has a good piece tonight on how "flips and scams" helped inflate the real estate bubble in California. The story tells of a couple, the Gordons, who paid $741,000 for a 4,000-SF home in Corona; they're still paying the mortgage, but two homes on the street are in foreclosure, and one is listed -- by the bank that now owns it -- for $550,000.
"We have no recourse," Joe Gordon told Reuters. "We'll have to live here eight to ten years before we get our equity back."
Thoughts? Comments? When do you think the Gordons' house will be worth $741,000 again?
Photo Credit: Reuters
This is a list of 11000+ foreclosures owned only by Countrywide Financial. Very scary. http://countrywide-foreclosures.blogspot.com/ and this is the California list: http://www.streamfx.com/CW/9-5-2007/REO-California7.html
Posted by: buckwell | September 08, 2007 at 05:09 PM
The big earthquake is coming, everyone is saying that, wouldn't you think it's quite crazy to get a house around corona, like right on the edge of the major fault zone?
Posted by: jojo | October 29, 2007 at 12:31 PM