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.

2 comments:

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.