Thursday, May 6, 2010

Oh yea, this is a bubble poster child

Some of the biggest losers in this bust are coming out of The Retreat in So Corona. It looks to me that there were quite a few scam sales in this tract at the end of the bubble. 22197 Silerpointe looks to be one of these. I don't know if the current occupant were in on the scam but the last seller and probably the agent and appraiser were. The house sold for $780k new from the builder in Dec 2005. 14 months later is sells for $920k. Now here's the scam part. ONLY 5 months later the house sells for $1.345 Million! This house still has a dirt back yard so they didn't drop a dime on upgrades in those 5 months. Yea, this one just screams FRAUD.

Now it's listed as a short sale for $525k. And that's probably $40k too high based on the comps of this floorplan.


FairEconomist said...

How much was the loan for, who has it, and have they written it down yet? Inquiring minds want to know!

Neudi said...

I thought someone posted a link to report these potential fraud deals.