That Wild Canary Lane home looks like it had to be mortgage fraud. That home was not worth anywhere close to $1.65 million and it “sold” in just 5 days despite looking straight out of “that 70’s show”.
$100% financing and taken back by the bank in less than a year. I’m sure the buyer probably got a hundred thousand or so back at closing and skipped town.
That Wild Canary Lane home looks like it had to be mortgage fraud. That home was not worth anywhere close to $1.65 million and it “sold” in just 5 days despite looking straight out of “that 70’s show”.
$100% financing and taken back by the bank in less than a year. I’m sure the buyer probably got a hundred thousand or so back at closing and skipped town.
You folks are putting too much emphasis on the wrong axis. Plotting Comps. vs. price is what most every market permabull is using as a lame argument. What will define market direction and the extent of the drop is Time vs. Price. That is how the market play will be plotted in the economic history books when this has all played out. People making arguments based on Comps. in a defined short time period are usually just those who are trying to reaffirm themselves that they did not make a bad investment. Remember this expected correction will take time and just like the trough to peak looked on the way up one can expect something similar for the way down.
You folks are putting too much emphasis on the wrong axis. Plotting Comps. vs. price is what most every market permabull is using as a lame argument. What will define market direction and the extent of the drop is Time vs. Price. That is how the market play will be plotted in the economic history books when this has all played out. People making arguments based on Comps. in a defined short time period are usually just those who are trying to reaffirm themselves that they did not make a bad investment. Remember this expected correction will take time and just like the trough to peak looked on the way up one can expect something similar for the way down.
