I read an opinion piece in our local newspaper the other day that said the high number of foreclosures in Florida were primarily due to speculators (house flippers) who were given interest only loans with no down payments. They couldn't flip so they walked away without losing hardly any money. Now the banks were stuck with houses they didn't want and can't unload.
Absolutey true MC. I personally know 2 people who were doing this and even tried to get me to go in with them on one last year. One of them stuck his bank with 3 houses and the other guy stuck the bank with one.
Originally Posted By: Marycas
My father-in-law died last year. He had a house in Florida. We can't get rid of it. At one time it was appraised at $250,000. It was listed at $125,000 and is now down to $80,000.
A friend that I used to work with sold his home on Staten Island and went down to Florida. He bought a home that was built two years ago that originally sold for $350,000, for only $155,000!
Don Cardi
Five - ten years from now, they're gonna wish there was American Cosa Nostra. Five - ten years from now, they're gonna miss John Gotti.
