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Sarah Palin's New $1.75 Million House Purchase Exposes Another Facet Of The Neverending Housing Scam - Short Sale Fraud

Tyler Durden's picture




 

This post has two parts: the first one, or the blue pill part, deals with the mundane,  namely Sarah Palin's brand new $1.75 million, 8,000 square foot house in North Scottsdale, which "sits on 4.4 acres and has a home theater, a billiard room, a walk-in wine room and a "resort style backyard" with a gazebo and pool, according to the listing and listing photographs. The brown, stucco-and-stone house, which was renovated this year, has several fireplaces, a six-car garage and mountain views. The property has a circular driveway and desert landscaping." The second part, which is where one takes the red pill, deals with something far more serious: short sale fraud - yet another facet of the ongoing discovery of just how deep mortgage fraud in this country (in this case by real estate "investors") runs. Only this time it is fraud which results in impairments to the banks (arguably). Yet even then, questions remain...

First, a little more on the mundane from the WSJ:

The neighborhood is "as rural as Scottsdale gets," says broker Bob Hassett of Russ Lyon Sotheby's International Realty, who was not involved in the deal but said he was approached in 2007 by a previous owner about listing the home, which he described a "Southwest in feel." Within a square mile of the home, he said, houses are priced between $500,000 and $5 million. Real-estate agent Jeff Sibbach of John Hall & Associates described the area as "low-profile; most of the stuff in there is horse property."

Rumors have swirled for months that Ms. Palin, whom some GOP factions are urging to run for president, has been looking to be based out of Arizona. On Saturday, the Arizona Republic reported that Ms. Palin had possibly purchased the home. She purchased through a limited-liability company that bought the property from Ian Whitmore, who Wednesday identified himself as a real-estate investor. "It was always my intention to sell the home," he said, and declined to elaborate on the work he'd done on the home. Mr. Whitmore bought the property from J,P. Morgan Chase Bank last year for about $800,000, according to tax records.

The property in question is located at 29005 N 82nd Street St.,Scottsdale AZ, per the affidavit of the short sale from JP Morgan to Ian Whitmore (link). Below is a video of the actual property.

A little more on Mr. Whitmore:

Ian Whitmore
Agent
15255 N 40th St #115
Phoenix, AZ 85032
(602) 569-2233 Office
Platinum First Realty

Why is this important? Because as the second part of this posts indicates, one of the heretofore unreported aspects of mortgage fraud, which incidentally has nothing to do with the beginning of the foreclosure process, but everything to do with the end, or the REO/Short Sale transaction part, will cost banks up to $375 million in 2011. Housing wire reports:

Short sales increased rapidly over the last several quarters, but wherever there are home sales, there are home sales fraud.

Sales of properties on the verge of foreclosure tripled over the last two years and will increase another 25% this year, according to analysis from CoreLogic.

Analysts found one in every 52 short sales conducted in the first half of 2010 were "suspicious," meaning the lender may have incurred unnecessary losses from fraud. Over the first six months of last year, banks showed $150 million in losses from these suspicious transactions. By the end of 2011, banks could face $375 million in losses from short sale fraud, according to CoreLogic.

Short sales pose a suspicious risk in a variety of ways. One example occurs when the buyer flips the property for a 10% profit less than one month after the bank unloads it.

Analysts also found any property flipped less than three months after the transaction for at least a 20% profit as suspicious. Even at six months after the transaction, a short sale can be suspicious if the buyer flips the property for 40% more than the short sale price.

Analysts said not all of these transactions were fraudulent. Buyers, often investors, can quickly rehabilitate the property, which poses no significant risk to the bank. However, as CoreLogic analysts looked through hundreds of thousands of short sales, some were resold on the very same day.

In these deals, the investor has two separate contracts. One is the purchase contract with the lender. The other is a separate agreement the investor has with a third-party buyer. The two transactions are choreographed and presented to the title company on the same day with the short first executed, followed by the flip to the third-party buyer.

The conclusion:

Overall, roughly 65% of the resales after the originally short sale transaction were deemed "suspicious" and caused direct and unnecessary losses to the bank.

Let's recall the math on Ms. Palin's purchase: Whitmore buys the short sale from JPMorgan in March 2010 for $805,000. He then flips it just about one year later to Ms. Palin for... $1,750,000. A profit of 118%. Surely, this transaction should set off dozens of "suspicious" red flags at JP Morgan.

Ironically, Palin, who in this case is completely innocent of any wrongdoing, may have tripped the alarm switch on a trick that is being used by mortgage "investors" across the country (with who knows what sources of capital - arguably money from the likes of... JPM?), which are buying up wholesale REOs only to flip them to end buyers at up to 100% profits shortly thereafter.

Then again, it would not surprise us if it was none other than JP Morgan who provided the financing to "real estate investor" Platinum First Realty to purchase the property in the first place and to keep it off the market with a substantially above market price. At this point, it is clear that if any aspect of the housing market can be manipulated, it will be.

h/t Manal Mehta

 

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Wed, 05/25/2011 - 23:09 | 1311692 Tyler Durden
Tyler Durden's picture

Is "read the post" too much to ask?

Wed, 05/25/2011 - 23:16 | 1311730 Tyler Durden
Tyler Durden's picture

Please copy and paste the sections from this post that are unfair to conservatives.

Wed, 05/25/2011 - 23:28 | 1311768 JLee2027
JLee2027's picture

The former governor of Alaska MAY have purchased a home in north Scottsdale, Ariz., according to multiple published reports.

I emphasize MAY. This is a rumor, nothing more. Really Tyler you can do better.

Wed, 05/25/2011 - 23:34 | 1311806 lizzy36
lizzy36's picture

In the same way "DSK" MAY have raped a chamber maid?

Fuskushima reactors 1,2 and 3 MAY have melted down?

Or QE3 MAY be enacted.

Or LEH MAY be bankrupt.

OR a million more May's

Newsflash everything is a "MAY", until it isn't.

Really, Tyler does pretty damn great, but i am sure he will appreciate the tip.

 

Thu, 05/26/2011 - 01:53 | 1312138 LudwigVon
LudwigVon's picture

Fuskushima reactors 1,2 and 3 MAY have melted down? No they have now. And LEH really is insolvent.

Wed, 05/25/2011 - 23:36 | 1311816 redpill
redpill's picture

I'd like to hear the rumors, thanks. ZH has a pretty good track record with them. If you don't want the info keep your blinders on and ignore it.

Thu, 05/26/2011 - 07:16 | 1312410 Tortfeasor
Tortfeasor's picture

This comment isn't targetted to you redpill, just finding some space near the top since I'm late to the game.

This article is below ZH's level.  The author must have no idea what words like "renovated" and "fraud" actually mean.

For example, the property was RENOVATED between purchases, which would usually result in an increase in value.

Also, for there to be fraud in the transaction, the purchaser would have had to do more than just get a good deal.  Fraud does not occur just because the bank hires a shitty appraiser.  Fraud requires an overt attempt to decieve a party.  Fraud is very specific, very easy to claim and very hard to prove.  It's why the courts usually have special rules for anyone claiming fraud: fraud is like yelling fire in a theatre.  You better be sure you're right.

Whole article is beneath this site.  Useless for  any purpose other than an obvious ploy to get pageviews.

Thu, 05/26/2011 - 08:12 | 1312509 Go Galt. Please.
Go Galt. Please.'s picture

Golly. You sure sound maverick-y. Perhaps you have insight into how a renovation could double the value of a high end property. Maybe a whole lotta electronics hidden, err, installed?
Let's not forget that a fraud can be a person as well as an action. OK, sweetie? Y'know, like Barbie hunting for Caribou.

Wed, 05/25/2011 - 23:38 | 1311823 Tyler Durden
Tyler Durden's picture

WSJ: "Former Alaska governor and vice-presidential nominee Sarah Palin has
bought
a roughly 8,000-square-foot home in North Scottsdale, Ariz., for
$1.695 million, according to people familiar with the deal."

Why does any topic involving Sarah Palin always bring out the more, uh, sensitive, crowd?

 

Thu, 05/26/2011 - 00:16 | 1311933 Votewithabullet
Votewithabullet's picture

These pussies are not sensitive they simply want to engage the all powerful oz, TELL THEM TO SUCK YOUR DICK. This shit was confirmed hours ago and who the fuck wants to see or hear anything about al fucking gore mein herr? gore vidal would be cool.

Thu, 05/26/2011 - 00:53 | 1312024 ViewfromUnderth...
ViewfromUndertheBridge's picture

Tyler,

I don't give a fuck about Palin but Whitmore is being defamed in this out-of-character piece. He is a legitimate real estate trader and you should apologise and withdraw these baseless allegations. 

Thu, 05/26/2011 - 01:15 | 1312058 quintago
quintago's picture

To go from $850K to $1.7M in a year in Scottsdale means that something is screwed up, big time.

Thu, 05/26/2011 - 01:43 | 1312111 JuicyTheAnimal
JuicyTheAnimal's picture

That property could have easily soaked up half a million to make it Sarah Palin dancin with the stars fancey.  Elevators ain't cheap I assume.  But then again I never shopped for one. 

Thu, 05/26/2011 - 12:11 | 1313440 NotApplicable
NotApplicable's picture

Could, yes. But likely, given the current market? I doubt it. Only an idiot would sink that kind of money into a property expecting to flip it at a greater profit. To actually pull it off, well, that's just stretching the credibility of the idea a bit too far. Especially when the flipper is supposedly a professional who knows what he is doing. Looks more like a RE/money laundering scheme to me.

But that's just my opinion based on my limited view (and Occam's Razor).

Thu, 05/26/2011 - 10:29 | 1313039 High Plains Drifter
High Plains Drifter's picture

i thought house flipping in scottsdale was so.......over..........

i mean this is ground zero for the housing meltdown , isn't it?

Thu, 05/26/2011 - 01:27 | 1312081 Hephasteus
Hephasteus's picture

It's a fine line between infamed and defamed.

Thu, 05/26/2011 - 02:06 | 1312156 ViewfromUnderth...
Thu, 05/26/2011 - 03:31 | 1312240 Hephasteus
Hephasteus's picture

Infamation systems got the y2k bug.

What does the peoples libelation army have to do with this?

And why are you diplaying an almost maudlin concern for a real estate agent?

Thu, 05/26/2011 - 05:45 | 1312330 ViewfromUnderth...
ViewfromUndertheBridge's picture

I know the guy, I know the facts...I would hate to think the Tylers get their other stories this wrong.

Thu, 05/26/2011 - 10:31 | 1313048 High Plains Drifter
High Plains Drifter's picture

real estate people are like used car salesmen , politicians and preachers.........

Thu, 05/26/2011 - 12:25 | 1313493 NotApplicable
NotApplicable's picture

Well, I've read the article twice now, and I don't see where Tyler makes any claim against Whitmore's actions being illegal. While one can speculate of a quid pro quo for a sweetheart deal, (other than a possibility of JPM loan to Whitmore) it isn't alleged.

As Transformer notes below, if JPM is making 4X the loss with CDes, then they don't have any reason not to move the properties at a "loss."

Funny, some people in this thread go off on the Palin tangent, while you go off on the Whitmore tangent, yet the article is about fraud within JPM's short-selling procedures. Go figure.

Thu, 05/26/2011 - 07:02 | 1312391 max2205
max2205's picture

What pawn would overpay in such a depressed market. Even thin research sites can help a buyer get a better deal than a $900k suckerpunch purchase. Maybe palin gets the 900k backdoor as a political contribution??

There are so many walkaways and shortsellers in AZ that even Palin shouldn't have overpaid

Thu, 05/26/2011 - 10:35 | 1313053 High Plains Drifter
High Plains Drifter's picture

i would think that scottsdale is a buyer's market.  she should have shopped around.

Thu, 05/26/2011 - 01:33 | 1312094 Transformer
Transformer's picture

Tyler,

  Because she's hot.  Don't you have any fantasy's you just might like to have a try with that woman?

Thu, 05/26/2011 - 04:40 | 1312294 writingsonthewall
writingsonthewall's picture

If you think Sarah Palin is hot - then you need to see your optician.

I would point out that the hottest woman in the world is no use to you if she ignites a feeling of wanting to smash her dimbo face in everytime she opens her mouth.

 

Thu, 05/26/2011 - 10:33 | 1313057 High Plains Drifter
High Plains Drifter's picture

she is hot, but she also is a traitor and a rope belongs around that pretty neck.

Thu, 05/26/2011 - 02:35 | 1312191 Michael
Michael's picture

Because they have to keep pushing the fucking left/right Twilight Zone divide and conker control grid paradigm. That's what they are programmed to do for Christ's sake. They know of no other way to live for crying out loud.

Pleas pay no attention to troll activity as it is only an effort in futility.

Thu, 05/26/2011 - 05:17 | 1312314 acabrer
acabrer's picture

Because, either they really enjoyed nalin palin. Or not "sensitive" crowd but more like "special" dont want to use retard may insult even more nalin fans. fuck all you political lap dogs. Tyler keep it up spare no one.

Thu, 05/26/2011 - 07:00 | 1312392 tarsubil
tarsubil's picture

Because of the extreme bias in the media. This allows us conservatives to be outraged and develop victim mentalities. Give mynhair a break. I think the premise of this article is stretching it a little for the purpose of a little sensationalism. You can't pretend like you didn't know someone was going to be sensitive about it. Anywho, don't sweat it. No one's perfect.

Thu, 05/26/2011 - 08:20 | 1312524 I am a Man I am...
I am a Man I am Forty's picture

it's just bristol surfing the web in between baby rearin' and DWTS

Thu, 05/26/2011 - 18:47 | 1314757 Ben Dover
Ben Dover's picture

You know how "touchy feely" the right is.

Thu, 05/26/2011 - 01:50 | 1312123 LowProfile
LowProfile's picture

You wrote:

The former governor of Alaska MAY have purchased a home in north Scottsdale, Ariz., according to multiple published reports.

I emphasize MAY. This is a rumor, nothing more. Really Tyler you can do better.

TD wrote:

...Ironically, Palin, who in this case is completely innocent of any wrongdoing,

I write:  RTFA (Read The Fucking Article)

Thu, 05/26/2011 - 02:25 | 1312181 Sokhmate
Sokhmate's picture

Read The Faq'n Article

Thu, 05/26/2011 - 01:01 | 1312041 strannick
strannick's picture

 

TD, dont even dip your toe into such quagmire. Anytime 'conservative' is in the same paragraph as 'liberal' best to liberally use your scroll function and get out of there asap. Next they'll be getting your opinions on 'the Isreali question'

Thu, 05/26/2011 - 06:55 | 1312379 SamuelMaverick
SamuelMaverick's picture

Easy there Tyler. Investors adding value to a bank owned run down distressed property is not  ' suspicious '.  Piss poor article.

Wed, 05/25/2011 - 23:20 | 1311731 dwdollar
dwdollar's picture

Who called Palin a conservative numb-nuts?  Personally, I'd call her a RHINO Israeli warmonger kiss ass bear f******r.

Wed, 05/25/2011 - 23:30 | 1311775 dwdollar
dwdollar's picture

Also, she's menopausal, which is the last thing we need in a world teetering on the edge.

Wed, 05/25/2011 - 23:37 | 1311817 lizzy36
lizzy36's picture

Yes because the non menopausal, merely mid life crisis males (see Schwarzenegger and John Edwards) who are unable to master the use of a condom, are doing a bang up job (pun intended).

Wed, 05/25/2011 - 23:48 | 1311862 dwdollar
dwdollar's picture

I didn't say they were.  But a menopausal woman in charge?  Just detonate the nukes and get it over with.

Thu, 05/26/2011 - 00:49 | 1312022 DeadFred
DeadFred's picture

And she ran on a ticket with a former POW who exhibits symptoms of PTSD. Double the nukes, double the Fun.

Thu, 05/26/2011 - 01:02 | 1312040 Orly
Orly's picture

Please slow your roll with that kind of talk.  It's asinine.

Thu, 05/26/2011 - 01:26 | 1312078 Votewithabullet
Votewithabullet's picture

fucking slow your roll??? WTF

Thu, 05/26/2011 - 01:30 | 1312091 Orly
Orly's picture

That's like saying, "Oh, don't vote for her because she's having her period.  She might blow up the world or sump'n.  Last thing we need is a woman on her period with the finger on the button, know what I mean, Vern?"

First of all, it's so 1957 and second, I would rather have a woman running the show than the last group of ass-clowns.  Like Herman Caine asked, "How's that workin' out for ya?"

Thu, 05/26/2011 - 01:39 | 1312100 Transformer
Transformer's picture

But she looks great in a swimsuit.  If we're gonna have a woman president, might as well be one that looks good in a swimsuit.

Thu, 05/26/2011 - 01:42 | 1312108 Orly
Orly's picture

It's what we call in 2013 a "PILF."

:D

Thu, 05/26/2011 - 03:35 | 1312245 jeff montanye
jeff montanye's picture

obama looks good in a swim suit and look where that's gotten us.

Thu, 05/26/2011 - 05:55 | 1312336 Bendromeda Strain
Bendromeda Strain's picture

Obama and Palin should debate on a catwalk in mom jeans...

Thu, 05/26/2011 - 10:47 | 1313099 High Plains Drifter
High Plains Drifter's picture

only 6 junks so far grasshopper? 

Thu, 05/26/2011 - 10:42 | 1313082 High Plains Drifter
High Plains Drifter's picture

the terminator should have known that when you are married for 25 years and have a nice family , you keep dickie in pants at all times......

Thu, 05/26/2011 - 19:36 | 1314882 strannick
strannick's picture

 

Nice one Lizy!

Thu, 05/26/2011 - 02:23 | 1312174 atomicwasted
atomicwasted's picture

+2008

Wed, 05/25/2011 - 23:23 | 1311743 NOTW777
NOTW777's picture

 at least he excluded the

"pathetically whoring for yet more media attention" part    

 

 

 

 

Thu, 05/26/2011 - 00:45 | 1312006 Otrader
Otrader's picture

I wonder if she can see mexico city from her front porch.  Location Location Location.

Thu, 05/26/2011 - 20:30 | 1315016 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Too much smog.  8-P

Wed, 05/25/2011 - 23:27 | 1311764 Terminus C
Terminus C's picture

Troll much?

Is it 'conservative' to rip off tax payers?  According to your post you think it is, and that Tyler was being 'unfair' in his treatment of said 'conservative' practice in which banks and 'investors' collude to embezzle money. 

 

Wed, 05/25/2011 - 23:30 | 1311777 redpill
redpill's picture

Shut up and stop posting until you understand this site. I can ask that, because I'm mentioned in the post.

Wed, 05/25/2011 - 23:45 | 1311851 Edmon Plume
Edmon Plume's picture

Sarah, is that you?

Thu, 05/26/2011 - 00:43 | 1312010 redpill
redpill's picture

Can't stand her. The point is that she isn't the point!

Thu, 05/26/2011 - 01:37 | 1312104 Transformer
Transformer's picture

Can't stand her?  What, are you gonna have a relationship with her?  She's hot.

Thu, 05/26/2011 - 00:25 | 1311958 Shock and Aweful
Shock and Aweful's picture

hahahaha

 

This idiot thinks there is a REAL and MEANINGFUL difference between the "left" and the "right" in this country....

 

hahahahaha

 

Flush out your head dude...both parties and your saviors from both political ideologies serve but one group of people....and you ain't in that group.  So...what I don't understand is why people like you continuously carry water for one side or the other...see....there are no "sides"...one just uses one issue to get roughly half the country pissed at the other....and the other side does the same but uses a different set of "issues"

 

But guess who is robbing the nation blind while idiots like yourself are blaming "liberals" (or "conservatives") for killing Christmas...or for gay marriage...or whatever "issue" has been designed as a wedge to keep Americans from realizing who their REAL enemy is  (it ain't each other).....

 

So, you keep on putting yourself in one camp or the other...but I doubt you will like much of what you read on here  most people who's comments are worth reading have figured out that it does not matter who the figurehead is...it only matters who they serve (except for the large number of "one side or the other" types that have seemed to be coming out of the woodwork on here lately)

 

Oh, and  by the way...Fuch Sarah Palin...she is nothing but an opportunistic charleton....she's got you fooled though...maybe she needs a donation to help "get America back on track".  You should probably send America's "Hockey Mom"  some FRN's...looks like she has spent quite of few of the ones she already collected for her cause (which is obviously lining her pockets)

Thu, 05/26/2011 - 01:39 | 1312109 Transformer
Transformer's picture

It's simple, really.  It's a one party system, with two branches.  Shit kickin' country folk, and smooth talking city slickers.  Both of them branches of the Fascist Party.

Thu, 05/26/2011 - 02:25 | 1312180 atomicwasted
atomicwasted's picture

+1.  How does Sarah fucking Palin, who seems nice in a soccer mom kind of way but has no brains or leadership ability, get her mitts on enough scratch for a 2 million dollar mansion?  It sure as hell isn't from that laconic motherfucker Todd and his snowmobile racing or whatever.  Fuck her.

Thu, 05/26/2011 - 03:45 | 1312253 jeff montanye
Thu, 05/26/2011 - 04:43 | 1312298 writingsonthewall
writingsonthewall's picture

Capitalism - 100% based on the theory that "there is always some loser out there who will buy any shit you serve up"

 

Sarah Palin being the ultimate proof of this.

Wed, 05/25/2011 - 23:38 | 1311809 Creed
Creed's picture

A damaged home was sold for 800k & after repairs was sold for 1.7 mil.

This article is a tempest in a teapot, stringing together disparate facts using a hot button name- SARAH (oh my god) PALIN.

by Tyler Durden
on Wed, 05/25/2011 - 23:09
#1311692

Is "read the post" too much to ask?

PS- IE9 requires disablement of rich text to post, making shit seem weird.

Thu, 05/26/2011 - 00:38 | 1311997 wretch
wretch's picture

Fuck your browser.

Thu, 05/26/2011 - 01:49 | 1312128 LowProfile
LowProfile's picture

...Too late!

Thu, 05/26/2011 - 09:53 | 1312882 pyite
pyite's picture

A damaged home was sold for 800k & after repairs was sold for 1.7 mil.

This may be unfair, but isn't this how businesses typically work?  A good salesperson is able to take something and sell it for more than he originally paid.

It is certainly true that the real estate market is extremely inefficient - which means that there are a lot of these kinds of arbitrage deals out there, especially for more expensive properties.  Banks' core competency is not selling real estate either.

HOWEVER, what would be truly evil is if the government were paying the banks the difference...

Thu, 05/26/2011 - 00:39 | 1311999 donde1
donde1's picture

I think this article is misleading, at best. 

The video is of an unfinished home. That home was purchased for $800k. 

The house that has been purchased is completely finished...with pool and landscaping. The pool and landscaping alone was probably over $200k. I live in AZ, I know how expensive some of these landscaping projects can get. Then the inside was probably another $200k or more. So they made a profit of a few hundred thousand dollars....So what?

PS

I am not a Palin supporter. I don't think she can read. But I can and I know this article doesnt bash her, I just dont want anyone to think I like her. Ha!

 

Thu, 05/26/2011 - 01:45 | 1312113 Transformer
Transformer's picture

I like her.  She was great on SNL.  Tina Fey was even better.  I'd vote for either one.

FOTFLMAO

Thu, 05/26/2011 - 07:05 | 1312396 Bob
Bob's picture

I was wondering what the hell? about the condition of the house in the video.  It didn't look like a sale-ready property, not at 1.75M. 

Thu, 05/26/2011 - 06:31 | 1312358 Blano
Blano's picture

I read the post, and I must say it's total crap.  The conspiracy theory shit has gone way too far here. 

Someone knows how to take buy a property from an idiot bank and make some FRN's off it, sometimes a lot, and that's suspicious?? 

Do you work for Eric Holder now??

I've done a couple of these transactions myself on a small scale, and when they come together, it's a work of art.

Came here this morning looking for a reason for the silver beatdown overnight, and this the best you can do?? 

 

 

 

 

Thu, 05/26/2011 - 06:59 | 1312385 SamuelMaverick
SamuelMaverick's picture

Blano, you said it perfectly, thank you. I come here for the behind the scenes financial truth, not this crap.

Thu, 05/26/2011 - 07:19 | 1312417 Tortfeasor
Tortfeasor's picture

Bravo

Thu, 05/26/2011 - 06:54 | 1312383 Popo
Popo's picture

Frankly I don't understand this post at all.  

Tyler, why are you assuming that the house which sold for $850k had no work, expansion, renovation, remodeling done before re-sale?

Palin likely put in $150k in security systems alone.  Right there that brings it up to $1m.   Is it so far-fetched to think that another $300-400k wasn't invested in the home prior to sale?

It is entirely possible that there was in fact, short-sale fraud at work here.  But without any evidence (for or against) of renovation/remodeling this is mere conjecture.   

Maybe the house was used for Satanic rituals too.  I mean,  we don't know that it wasn't, right???

 

 

 

Thu, 05/26/2011 - 07:13 | 1312404 Bob
Bob's picture

I thought it was very clearly--and openly--conjecture.  A story that was used to open a topic of much larger relevance wrt the RE industry.  What do you expect people to do, wait until there's an authenticated study and follow-up investigation?

It was pure Tyler.  Same way he's been handling ssues for years.  Nothing special.   

Thu, 05/26/2011 - 07:35 | 1312448 Popo
Popo's picture

Tyler seems to just throw tinfoil accusations out right and left.  Occasionally he gets one right and proudly states that "You heard it here first".  But we've also heard endless streams of half-assed, inanity "here first" as well.

I liked it better when he was actually doing research.   The HFT-reporting days were genuinely impressive for ZH.   Lately its just crap.

 

Thu, 05/26/2011 - 07:50 | 1312469 Bob
Bob's picture

I think the focus of his reporting changes with events.  Was there a better source of information on Fuckashima that was accessable to a general audience?  I think his coverage of the EU, PM's, Central Banks, bonds, and CDS (just off the top of my head) continues to be outstanding.  There may be a slight increase in articles with political content compared to the early days, but that seems appropriate as the race to monetary destruction gathers speed.  Honestly, I don't see much change.  What's with all the rabidly gallant defense of Palin, anyway?  She's just another fucking politician . . . at best. 

Thu, 05/26/2011 - 10:30 | 1313019 Idiot Savant
Idiot Savant's picture

No, I think this is an old crowd v. new crowd type thing. The longtime ZHers come here for behind the scenes reporting on financial topics. The new crowd is the survivalist, metal bug, right-wing, tea party type, and they appreciate articles on precious metals, politics, and conspiracies.

 

Let's face it, ZH is a for-profit enterprise, and page views matter to advertisers. I think Tyler is doing his best to please both crowds, while increasing his profit margin. (Not that there's anything wrong with that.)

Thu, 05/26/2011 - 11:16 | 1313207 Bob
Bob's picture

Sure, there's been an obvious change in the makeup of the commenting readership and it's easy to extend that into an argument proving content has changed, but I just don't see a significant change in content.  :( or :)

Thu, 05/26/2011 - 06:57 | 1312384 w a l k - a w a y
w a l k - a w a y's picture

For the record:

by mynhair
on Wed, 05/25/2011 - 23:05
#1311683

 

spare me this Liberal horseshit.  Any articles on Algores megamansion in SF?

This was the original post at the top of the thread.
Thu, 05/26/2011 - 07:16 | 1312409 tarsubil
tarsubil's picture

Let all ye who have never had a knee jerk reaction cast the first stone.

Thu, 05/26/2011 - 07:59 | 1312483 Bob
Bob's picture

He was manically going native in that vein on every thread he visited last night.  When he goes there, he's an irrepressibly disruptive nut.  I'm not casting a stone that I haven't deserved a few times myself, just keeping it real.   

Thu, 05/26/2011 - 12:30 | 1313497 NotApplicable
NotApplicable's picture

So, no time was wasted in going off topic, I see.

Mon, 05/30/2011 - 18:49 | 1323342 aninvestor
aninvestor's picture

If it is true that the secret of a good blog is to not let the facts get in the way of a good story then Tyler Durden is a master of his craft.Myself if I am going to read fiction I would go for Grisham but each to their own.For anyone interested and it appears a few are here are the errors in the piece and the real life facts.The errors are so glaring  I feel they must be deliberate as anyone with a computer and five minutes could be more accurate.

You cant get passed the headline before you find the first error.

Sarah Palin's New $1.75 Million House The house was bought by Safari investemnts llc for $1.695 million. Come on Tyler pull the tax records.
Error number 2 and yes folks we are still in the headline. Short Sale Fraud This purchase by Ian Whitmore was not a short sale transaction   Typical of a lazy blogger Tyler  then copies and pastes other peoples work.Well even he cant screw that up all though I doubt he fact checked it  but lets move on.
Error 3
 "Let's recall the math on Ms. Palin's purchase: Whitmore buys the short sale from JPMorgan in March 2010 for $805,000. He then flips it just about one year later to Ms. Palin for... $1,750,000. A profit of 118%."
 As discussed not a short sale,as discussed $1.75m not the sales price . New error though  is the 118 percent profit number.Hard to discuss profit when you cant be bothered to pull the tax records and get the sales price right but even if Tyler had he still needs to do a bit of work with that caculator.It would be tedious to list all the expenses incurred in turning this shambles into what it is today but I understand the profit for Ian Whitmore    was about a tenth of that suggested .Frankly a poor return for the risk taking and work bit hey there has been all this subsequent entertainment and you cant put a price on that!
Error 4 and 5
"Then again, it would not surprise us if it was none other than JP Morgan who provided the financing to "real estate investor" Platinum First Realty to purchase the property in the first place and to keep it off the market with a substantially above market price."
There was no finance for this deal so no one was providing loans.Another thing that with 5 minutes research you could have established. Platinum First Realty is a real Estate broker and not an investment company. Ian Whitmore did not hang his license with  Platinum First Realty until 2011 and indeed was not even a licensed real estate agent at the time of the purchase..Again all  easy stuff  to verify for anyone who cares about facts.
   I would ask whoever Tyler Durden is to put the article into standard print so Ian Whitmore could sue and donate the proceeds to charity.Alas though I feel  that this cowardly blogger who hides behind his computer screen is unlikely to oblige.So here is another offer.Print a retraction or prove my facts wrong.Do either and  Ian Whitmore will donate a $1000 to the Phoenix Childrens Hospital.Over to you Tyler Durden....
      yours sincerely
             Ian Whitmore

Thu, 08/11/2011 - 12:29 | 1551256 nickadam
nickadam's picture

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new ford . new ferrari - new Volkswagen / new honda

Wed, 05/25/2011 - 23:22 | 1311757 yabyum
yabyum's picture

Sounds like little Sarah is reaping the wind. She is dumb as a post, but has one more college degree than Hannity, Beck, and limppud combined. Got cash= kick ass!

Wed, 05/25/2011 - 23:32 | 1311797 NOTW777
NOTW777's picture

you epitomize the sad state of the average ZH poster these days

Thu, 05/26/2011 - 01:00 | 1312043 Carl Spackler
Carl Spackler's picture

Agreed. The average ZH poster these days has been dumbed down to union hack or food stamp recipient level.

 

I yearn for the days of the heavyweight fights here.

Thu, 05/26/2011 - 01:48 | 1312120 Transformer
Transformer's picture

They won't give me food stamps, because I have a bunch of some shit gold mining stock, that's listed at 20 cents, and I can't sell, because the markets too thin.  So see, you're wrong.

Thu, 05/26/2011 - 07:27 | 1312422 Bob
Bob's picture

I caught a couple interviews of a previous staffer who left the reservation and just published a tell-all portrait of Palin, Blind Allegiance to Sarah Palin

Seems that in her early days she promoted herself in the media by writing adulatory letters of support that she passed out for her staffers to sign as the apparent authors before mailing/posting.  They were very well written.  I was quite impressed--it was the first evidence I've seen that she actually deserved that Journalism degree. 

Otherwise, she's the political equivalent of Snookie, but she can think and write after all.  A very clever girl. 

Wed, 05/25/2011 - 23:40 | 1311827 RoRoTrader
RoRoTrader's picture

amazing, you really are a dickhead, or is that an arsehole?

 

Thu, 05/26/2011 - 00:35 | 1311981 vxpatel
vxpatel's picture

church a lot?

 

Thu, 05/26/2011 - 04:44 | 1312299 writingsonthewall
writingsonthewall's picture

Are there? - do you have some? I'm sure Tyler will publish whatever EVIDENCE YOU HAVE.

 

Until then - shuddafuckupussy.

Wed, 05/25/2011 - 23:14 | 1311700 nobodyimportant
nobodyimportant's picture

Crooks of a feather!

Wed, 05/25/2011 - 23:25 | 1311771 disabledvet
disabledvet's picture

But "crooks of whore!"...no wait, that isn't right.

Wed, 05/25/2011 - 23:11 | 1311703 Sock Puppet
Sock Puppet's picture

Wow this "will cost banks up to $375 million in 2011."  that sounds like it will really hurt the banks.  I am actually getting a little misty right now.

Thu, 05/26/2011 - 00:45 | 1311790 redpill
redpill's picture

The funny thing is at this point the banks dont care. They are playing with house money these days.

Wed, 05/25/2011 - 23:40 | 1311821 ronin12
ronin12's picture

When the banks lose, you lose. When the banks win, the banks win. Figuring out how it works yet?

Wed, 05/25/2011 - 23:16 | 1311719 WALLST8MY8BALL
WALLST8MY8BALL's picture

She just raised her foreign affiars crediblitly as she can now see Mexico from her new home.

Wed, 05/25/2011 - 23:17 | 1311732 QQQBall
QQQBall's picture

Dude, on a moon-less night she will hear Mexico running across her backyard.

Wed, 05/25/2011 - 23:43 | 1311831 Korrath
Korrath's picture

Well played, sir.

Wed, 05/25/2011 - 23:43 | 1311845 Edmon Plume
Edmon Plume's picture

And that was funny, too.

Thu, 05/26/2011 - 00:09 | 1311917 Hephasteus
Hephasteus's picture

Wait I'm confused. Doesn't scottsdale have weird cultural rules.

http://www.youtube.com/watch?v=4cRpIYpdjRY

Thu, 05/26/2011 - 02:24 | 1312183 atomicwasted
atomicwasted's picture

Scottsdale is also the candy-ass rich people suburb that put up a shitload of speed cameras on the stretch of freeway that runs through town so they could mail speeding tickets to the unfortunate proles who decided to drive home through Scottsdale.  I've always hated that place.

Thu, 05/26/2011 - 03:37 | 1312243 Hephasteus
Hephasteus's picture

The cameras are only 30 frames a second and require you to be in front of them for 33.333 milliseconds.

Drive faster.

Thu, 05/26/2011 - 11:54 | 1313361 jmc8888
jmc8888's picture

Not really, but people like to think that.

Those red light cameras on the freeway were 'state run', and the street ones are in are mostly in South Scottsdale, meaning it's hitting your local teacher, not real estate mogul.

For a wide ranging town of ~300k, saying they are all cand-ass rich is a bit wrong.

What you are bitching about is the developer led craze east of pima and north of shea after '90.  Then all the assholes that moved in there.  But Scottsdale has always been about more than that area of town.

People need to learn more about scottsdale before they bitch about it.  But now Palin is here, so good luck in that happening.

Wed, 05/25/2011 - 23:45 | 1311839 Edmon Plume
Edmon Plume's picture

Ok, that was funny.

Wed, 05/25/2011 - 23:15 | 1311721 Questionmark
Questionmark's picture

I wonder if JPM is taking out CDS's on all these loans they're making.

Thu, 05/26/2011 - 01:47 | 1312125 Transformer
Transformer's picture

I've heard they make an average of 4 times the mtg amount every time they foreclose, from the CDS's.  That's why they're so hot to foreclose, and why they don't give a shit what happens to the house afterwards.

Wed, 05/25/2011 - 23:18 | 1311722 JuicyTheAnimal
JuicyTheAnimal's picture

This really where that nit wit will live? 

Wed, 05/25/2011 - 23:21 | 1311735 Questionmark
Questionmark's picture

Sorry, I hit junk when I meant reply.

 

If ZeroHedge is right and JPM is trying to keep the prices in the area inflated then it may just be a stunt to raise the profile on this community and attract some buyers.

Wed, 05/25/2011 - 23:15 | 1311724 mynhair
mynhair's picture

Boots on the ground report:

Jackson Brown concert in Clearwater was exceptional.

Wed, 05/25/2011 - 23:16 | 1311725 QQQBall
QQQBall's picture

Not sure if the place was destroyed, but 100 bucks a foot for a nice pad on 4+ acrs in a good 'hood sounds pretty nice.

 

Wed, 05/25/2011 - 23:19 | 1311726 Oh regional Indian
Oh regional Indian's picture

Haaah! Nice pad. But This Palin, McCain, Arizona, it has deep, occult roots you know.

I'm sure if someone did a GoogleMap on her address, her new house would be right on the 33rd parallel. In fact, I'll check and report back.

ORI

http://aadivaahan.wordpress.com/2011/05/24/ultrasound-to-the-mis-fit-in-us-all/

 

Thu, 05/26/2011 - 01:08 | 1312052 Orly
Orly's picture

Funny how that works, ain't it?

I'm telling you, she's being groomed by Kissinger to be the next president.  You heard it here first!

Thu, 05/26/2011 - 01:34 | 1312096 Oh regional Indian
Oh regional Indian's picture

Hah orly.

Look up the world Palingenisis.

Then sit back and smack your forehead or whatever it is you do when you are dumbstruck.

ORI

Thu, 05/26/2011 - 01:45 | 1312118 Orly
Orly's picture

No kidding?  Wow.

Don't think that such words and symbols are list on these people, y'all.  (Not talking to you, ORI, as you're the one figuring this stuff out...)

Makes perfect sense.  After the Obama debacle and President Biden decides not to seek, nor accept his party's nomination for president of the United States...

Ha!  And living along the 33rd parallel, too.  All signs are pointing to this as plain as day.

Thanks, ORI.  I appreciate the insight!

Thu, 05/26/2011 - 01:54 | 1312133 Orly
Orly's picture

Dude, that is so un-frikkin'-believable!

That really answers a lot of questions.

Thu, 05/26/2011 - 13:47 | 1313768 Oh regional Indian
Oh regional Indian's picture

;-) Pretty crazy eh.

Give this a watch when you have 7 minutes:

http://aadivaahan.wordpress.com/2011/05/26/the-video-trailer/

ORI

It's a really trippy world. I had no idea Scottsdale was actually on the 33rd North.

Thu, 05/26/2011 - 01:49 | 1312131 Transformer
Transformer's picture

Kissinger is not into haughty looking MILF's in their 40's.

Thu, 05/26/2011 - 01:54 | 1312135 Orly
Orly's picture

My friend, you haven't a clue as to what you're talking about.

Thu, 05/26/2011 - 02:25 | 1312187 atomicwasted
atomicwasted's picture

Lol, there's probably a Masonic hyperdimensional physics energy portal in her backyard!

Thu, 05/26/2011 - 02:41 | 1312198 Orly
Orly's picture

Did you look up palingenesis or palengensia?

Holy smoke.  I'll make it easier on everyone to see the Masonic/Zionist implications...

http://en.wikipedia.org/wiki/Palingenesis

Holy smoke.

________

Scottsdale, Arizona  33°30′N 111°56′W

Thu, 05/26/2011 - 12:51 | 1313582 pan-the-ist
pan-the-ist's picture

ORI probably created the WIKI entry this morning.

Thu, 05/26/2011 - 13:46 | 1313772 Oh regional Indian
Oh regional Indian's picture

Hah!

Never... ;-)

ORI

Wed, 05/25/2011 - 23:21 | 1311733 buzzsaw99
buzzsaw99's picture

Let's get it on with Sarah in the middle bitchez!
http://www.youtube.com/watch?v=UwB9m4FslO4

Thu, 05/26/2011 - 01:51 | 1312134 Transformer
Transformer's picture

She's hot.  I'm in.

Wed, 05/25/2011 - 23:18 | 1311737 Payne
Payne's picture

So you are saying that the Bank didn't know what it was doing when it sold the property! What a bunch of liberal spew.  The banks are holding onto high end properties left and right when they sold this one they felt lucky to get rid of it.  The investor put time and effort into the property to get the highest dollar available, it helps that the Banks restrict deal flow so that it gives you room to sell your property.  Stop crying about people being capitalist.  There was no fraud only more examples of incompetent Banks.  I buy and sell real estate everyday in CA and I wish I could find a short sale fraud deal.  Just like the Bulk sales it is a rumor unsupported by real evidence.

Wed, 05/25/2011 - 23:23 | 1311747 Escapeclaws
Escapeclaws's picture

tacky

Wed, 05/25/2011 - 23:46 | 1311847 rufusbird
rufusbird's picture

Kinda reminds me of Osama's hideout..

Wed, 05/25/2011 - 23:21 | 1311753 Edmon Plume
Edmon Plume's picture

RE agents are just cash register skimmers.  They skim a percentage of the largest financial transactions most people will ever make, and in many cases that's a significant check.  I've not been impressed that they actually earn that money.  Certainly at the peak of the bubble they were making money for nothin'.  A realtor has NEVER been a consideration in any RE I've purchased.  Ever.  If anything, they've been a hindrance to the deal.

Having expressed my disdain for realtors, who are just small-scale banksters, let me just say that I don't really see the fraud here.  It sounds like the only thing separating a dirty transaction from a clean one is time and price.  So the bank couldn't make the full profit, and instead a citizen does?  Their def of a fraudulent short sale is one that incurs "unnecessary" costs for the bank.  Uhhh, you mean like a short sale?

So, the banks give out billions in bonuses, and they are exposed by only $375M?  Cry me a river.

Wed, 05/25/2011 - 23:25 | 1311759 flaunt
flaunt's picture

That is one of the fugliest houses I've ever seen, and not just because it's trashed inside.  No wonder the previous owner stopped paying for it.  Also seems a bit lavish for a "woman of the people."  Lol.  Politics is such a farce.

Wed, 05/25/2011 - 23:26 | 1311761 Event Horizon
Event Horizon's picture

zillow zestimate (maybe Palin overpaid)

$1,196,500

 

http://www.zillow.com/homedetails/29005-N-82nd-St-Scottsdale-AZ-85266/80...

Thu, 05/26/2011 - 01:24 | 1311962 Votewithabullet
Votewithabullet's picture

Palin is over paid. The "tea party fiscal conservatives" paid her 100 grand for a 30 minute speech.WTF did she know that they didnt? Fiscal conservatives my ass.Fiscally fucking retarded. Fucking Phillies go to the 18th with the hapless reds? 

Thu, 05/26/2011 - 02:03 | 1312148 Transformer
Transformer's picture

You guys don't get it.  Looks and oratory are everything.  Obama has got the fresh look of a good looking black man, and talks exactly the way educated people want to hear.  Then he does the banker bidding, worse than Bush (I admit I voted Obama)

Palin has the fresh look of a good looking woman (other new category for president), and she talks to the shit kickin' country folk.  She also will do exactly the banker bidding.  WTF is the difference?

I'm not going for good looks any more, or a smooth or sexy voice.  I'll take that ugly, nasal pitched Paul guy.

Thu, 05/26/2011 - 07:15 | 1312407 max2205
max2205's picture

A possibility that for the next 20 years no one over 55 will ever be voted in as POTUS.

Old people are done fucking this nation. (55 here)

Thu, 05/26/2011 - 12:07 | 1313424 jmc8888
jmc8888's picture

Sarah Palin is not good looking.  She's not.

Take a picture of a fat 20-25 year old and put it next to Palin.  Palin would lose. ~45 year old women can't compare to 20-25 year old.

The Palin's aren't even 'average' in looks in Scottsdale. Seriously. 9 out of 10 women at a club are better looking than Sarah 20 years ago.

So I wonder how long before your daughters get a pair of Scottsdale titties.  Otherwise, they won't be able to compete, well they do have money and there are always hanger-ons, but you get the picture.

Sarah Palin and Ron Paul, are both monetarists, no better than Obama or Bush.  Paul has a different Bankster playbook...that's all.  It's the one you use when it's 4th quarter....you've already got the debt, now you just need to hold onto it and pay it off.

Well in 1994 it was called 'the most livable city'...with Palin here...not anymore.  I still cannot believe the epitomy of idiocy and waste in this fucked up monetary system just became my 'city' neighbor.  All the money she has scammed out of people and here she is darkening Arizona and specifically Scottsdale.  She is nothing like scottsdale, so expect her to claim exactly that she is just like scottsdale.  Such a fraud.

I guess it all goes together.  A fraudulent housing transaction for a fully fraudulent women.

Wed, 05/25/2011 - 23:27 | 1311765 monopoly
monopoly's picture

It is just beyond words what is going on in this country. Just when I think I have heard and know about 95% of the bull here comes another scam. And these are not isolated sales by a few unscrupulous "investors". It is pervasive throughout the country. Integrity, morality, honesty, and scruples. Might as well remove these words from the dictionaries. And this, during our continuing housing depression.

Wed, 05/25/2011 - 23:30 | 1311773 monopoly
monopoly's picture

And yes, good post. A woman of the people and for the middle class. Knows all about the suffering and is just "one of us". Spends almost 2 million on a winter home. Scratch her from the reality show. It is just all about money. Makes me sick.

Thu, 05/26/2011 - 00:05 | 1311907 gwar5
gwar5's picture

Good for her. Received no Tony Rezko affirmative action money to help out a fledgling crooks like Obama.

Karma: 5 weeks after the 2008 election Palin's church was firebombed, and gutted, while people were still inside, making crafts for Christmas. firebombers targeted the exits. Never heard?  That's because the "party of the people" didn't want you to know what they're really all about. Story was spiked on all the usual stations. 

About the same time, Obama's Reverend Wright bought a $1 million dollar mansion in an exclusive, mostly white, golf course (the horror) courtesy of a $10 million unsecured line of credit, paid for by taxpayers through a Chicago Friend-of-Obama bank which is known to launder criminal money. And the bank also, somehow, got bank taxpayer bailout money despite not really qualifying. Kinda Like Maxine Waters husband's bank in CA, which nefariously got $100 million bailout money.

Thu, 05/26/2011 - 02:04 | 1312153 Transformer
Transformer's picture

America, aint it great!!!

Wed, 05/25/2011 - 23:42 | 1311774 buzzsaw99
buzzsaw99's picture

Wang Dang Sweet Poontang! She's all myn bitchez!

 

http://www.youtube.com/watch?v=qnMaSLCDxQc&feature=related

 

Wed, 05/25/2011 - 23:32 | 1311786 seek
seek's picture

I'm pretty sure this is the place, the video and layout seem to match. I lived about a mile from there until last October:

http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=29005+N+scot...

The link the article seems to be off by about 5 miles to the south, it's not picking up the numeric address, just the street. (Ignore the address in the link, I used a road with a known-good address to get the northing right.)

It's a wealthy horse-friendly neighborhood, one of the most expensive grocery stores in Arizona is not quite walking distance. I am sure the neighbors will be thrilled. Not.

Thu, 05/26/2011 - 01:10 | 1312055 Hal n back
Hal n back's picture

It's just an ok area--flat boring desert. Unpaved roads in the area--and the walk to the upscale grocery is--drum roll--is too far to walk in the summer (2 miles or so) and  in a strip shopping center 4 years old and 2/3 vacant--but its upscale vacant.

 

Prices of homes in the area are interesting--remember its 4.5 acres of desert without a view. About 6 miles to the north north east is Desert Mt which is very upper end and has 6 golf courses. And west of Desert MT is Carefree which is where Hollywood celeds traditionally have settled and thats really secluded and nice.

 

So I presume this somewhat unremarkable property was a bargain compared to other nices "stuff" --its not the stuff sno birds flock to.

 

 

Wed, 05/25/2011 - 23:34 | 1311796 disabledvet
disabledvet's picture

and to think i was just ripping Scottdale, AZ for no apparent reason the other day.  Never even been there, actually.  I often wonder:  "why does anyone live in Arizona?"  I know, i know "it's for the cheap nuclear power!"  This article 'll teach me to pick on Scottsdale, that's fer sure!

Thu, 05/26/2011 - 12:16 | 1313457 jmc8888
jmc8888's picture

Again someone who likes to jump to conclusions.

Our nuclear power plant powers CALIFORNIA, NOT ARIZONA.

Well if you like picking on the city that has the most culture in AZ, best nightlife, and the list goes on for endless go ahead.

See what Palin does.  Turns a great place into a doormat, because, well...that's what Palin does.

The 1st rule about Arizona is that it isn't a sand dune.  But I can't blame people for bitching about Palin, she sure is stupid.

Wed, 05/25/2011 - 23:32 | 1311798 Clowns on Acid
Clowns on Acid's picture

What was the face value on the mortgage note that Platinum 1st Realty purchased from JPM?

If it was 800k, then JPM is getting their $ back...and maybe Palin paid too much for the property.

Erstwhile, surely the owner of the defaulted mortgage would have sold it on the open market for 800k + x.

Am I missing something here? Duh?

Thu, 05/26/2011 - 00:10 | 1311926 Tyler Durden
Tyler Durden's picture

This is what may be missing - from the just released RealtyTrac report on Q1 residential sales:

The average sales price of properties in some stage of foreclosure — default, scheduled for auction or bank-owned (REO) — was $168,321, down 1.89 percent from the fourth quarter of 2010 and down 1.46 percent from the first quarter of 2010.

The average sales price of foreclosure properties was nearly 27 percent below the average sales price of properties not in foreclosure, unchanged from the 27 percent foreclosure discount in the fourth quarter and up slightly from the 26 percent foreclosure discount in the first quarter of 2010.

Third parties purchased a total of 158,434 U.S. bank-owned homes and those in some stage of foreclosure during the first quarter, a decrease of 16 percent from a revised fourth quarter total and down 36 percent from a revised Q1 2010 total. Bank-owned properties that sold in the first quarter had been repossessed by the bank an average of 176 days prior to the sale, while properties that sold in the earlier stages of foreclosure in the first quarter were in foreclosure an average of 228 days before selling.

Wed, 05/25/2011 - 23:36 | 1311811 gkm
gkm's picture

Uh, don't the banks have a say in approving the short sale?  Off the top of my head, I'm thinking they do.  So don't they know where the market is and have appraisers or some such thing?  Again, just a hunch they do.  

So the guy finished the house, replaced the gate, put in the pool, appliances, sink, elevator, etc, etc, etc. and maybe planned to make 20%.

Whatever.

This proves nothing but that it was a slow news day.

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