This is happening in California too. I know a couple who bought in bay area and abandoned a home in Fresno.
This is hilarious:
It is lawless right now in the Wild West. There’s even a real estate agent (and the figures and details are slightly changed here to protect him) whose out-of-town investor demanded that the agent find a way to cover some of the losses he was taking on the $60,000 down payment he’d sunk into a house. So the agent created a separate contract, never shown to the bank, that said the new buyer had to purchase a $60,000 Persian carpet from the seller — a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer — who was happy just to get a deal on the house — asked if the Persian carpet was really worth $60,000, the agent looked at him as if he were insane. “I bought it at Wal-Mart,” the agent told him. Now all the friends of the investor who got his $60,000 back are asking the agent to pull the same scam for them. And he’s doing it.
Since all these banks will be taken over by FDIC and FDIC has to borrow eventually from China, it is time the central bankers got their head examined before buying anymore treasuries!
