banks selling houses to friends for next to nothing

[svelte]

First, that home has an ocean view? Sorry, I’m not seeing it. Maybe if you stand out in the middle of the street with binoculars. Am I missing something?

http://www.zillow.com/homedetails/615-Leonard-Ave-Oceanside-CA-92054/16582913_zpid/

Second, that Oceanside house is pending right now. You are assuming it is pending for list price. How do you know it didn’t go for $100K over list and that is why they refused your offer?

Third, that Oceanside house had a list of $374K for 952sf.

Three other recent sales within about two blocks:

9/9/08 $549K 1312 sf ($418/sf)
9/22/08 $553K 1074 sf ($514/sf)
9/24/08 $537K 1180 sf ($455/sf)

If your Oceanside house goes for list only, it is $392/sf which is only slightly lower than the 9/9 sale.

If it went pending for more than that, then obviously that puts it in the range of the sales from last September.

Have you considered that house prices may have slid some since September 2008?

[honest_abe]

Just to clarify, I am looking for recourse to the current situation where the free market is being prevented from operating because bidding on houses is kept from the public.

This does not serve the interest of the taxpayer. If the free market were allowed to operate, the bank could likely have recouped 20% more of its loss. This is not an isolated case, but is happening on 100’s or 1000’s of houses. This could be causing 100’s of millions of dollars lost through insider home deals.

Does anyone know of any mechanism such as a law or regulatory body that is in place to prevent the bank from selling foreclosed homes to their friends for a song? Maybe a journalist who would investigate it?

Thanks so much

[honest_abe]

Just to clarify, I am looking for recourse to the current situation where the free market is being prevented from operating because bidding on houses is kept from the public.

This does not serve the interest of the taxpayer. If the free market were allowed to operate, the bank could likely have recouped 20% more of its loss. This is not an isolated case, but is happening on 100’s or 1000’s of houses. This could be causing 100’s of millions of dollars lost through insider home deals.

Does anyone know of any mechanism such as a law or regulatory body that is in place to prevent the bank from selling foreclosed homes to their friends for a song? Maybe a journalist who would investigate it?

Thanks so much

[honest_abe]

Just to clarify, I am looking for recourse to the current situation where the free market is being prevented from operating because bidding on houses is kept from the public.

This does not serve the interest of the taxpayer. If the free market were allowed to operate, the bank could likely have recouped 20% more of its loss. This is not an isolated case, but is happening on 100’s or 1000’s of houses. This could be causing 100’s of millions of dollars lost through insider home deals.

Does anyone know of any mechanism such as a law or regulatory body that is in place to prevent the bank from selling foreclosed homes to their friends for a song? Maybe a journalist who would investigate it?

Thanks so much

[honest_abe]

Just to clarify, I am looking for recourse to the current situation where the free market is being prevented from operating because bidding on houses is kept from the public.

This does not serve the interest of the taxpayer. If the free market were allowed to operate, the bank could likely have recouped 20% more of its loss. This is not an isolated case, but is happening on 100’s or 1000’s of houses. This could be causing 100’s of millions of dollars lost through insider home deals.

Does anyone know of any mechanism such as a law or regulatory body that is in place to prevent the bank from selling foreclosed homes to their friends for a song? Maybe a journalist who would investigate it?

Thanks so much

[honest_abe]

Just to clarify, I am looking for recourse to the current situation where the free market is being prevented from operating because bidding on houses is kept from the public.

This does not serve the interest of the taxpayer. If the free market were allowed to operate, the bank could likely have recouped 20% more of its loss. This is not an isolated case, but is happening on 100’s or 1000’s of houses. This could be causing 100’s of millions of dollars lost through insider home deals.

Does anyone know of any mechanism such as a law or regulatory body that is in place to prevent the bank from selling foreclosed homes to their friends for a song? Maybe a journalist who would investigate it?

Thanks so much

[svelte]

It sounds like you are choosing to ignore potential evidence that the house is not underpriced and sticking to your theory that an underhanded, inside deal took place.

[svelte]

It sounds like you are choosing to ignore potential evidence that the house is not underpriced and sticking to your theory that an underhanded, inside deal took place.

[svelte]

It sounds like you are choosing to ignore potential evidence that the house is not underpriced and sticking to your theory that an underhanded, inside deal took place.

[svelte]

It sounds like you are choosing to ignore potential evidence that the house is not underpriced and sticking to your theory that an underhanded, inside deal took place.

[svelte]

It sounds like you are choosing to ignore potential evidence that the house is not underpriced and sticking to your theory that an underhanded, inside deal took place.

[donaldduckmoore]

why are you so sure there is market manipulation going on? DO you really have evidence? I mean hard evidence but not rumor!

[donaldduckmoore]

why are you so sure there is market manipulation going on? DO you really have evidence? I mean hard evidence but not rumor!

[donaldduckmoore]

why are you so sure there is market manipulation going on? DO you really have evidence? I mean hard evidence but not rumor!

[donaldduckmoore]

why are you so sure there is market manipulation going on? DO you really have evidence? I mean hard evidence but not rumor!

[Author]

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