Profile picture for user69287688

Massive Manipulation of US Home Values

We all know economic figures like GDP, jobs, inflation are highly suspect.  Wall Street is a rigged casino. But did you know the only other major economic factor- real estate values- is also fudged? Many of the foreclosure sales by Freddie Mac, B of A, and the other too-big-to-convict banks were for pennies on the dollar- 90% or more off "market" prices. Not crack houses in Detroit, but nice homes in nice neighborhoods. 

The banks hid their fire sale prices by not paying excise tax (which is a percentage of sales price) and by "neglecting to enter" correct sales price data in county records. The states complained about the excise thing a few years ago because it represented the loss of millions in tax revenue. We know all this because it happened to us, and thousands of other families in North Carolina (home to Bank of America). For example, our $300K home was sold privately to friends of the Trustees for $15K.  Not $150K, but fifteen grand.

Go to wakegov.com and search real estate records for Freddie Mac or Bank of America sales- you'll see the original sales price (to the foreclosed homeowner) repopulated as the current price. This was done nationwide. That's why sites like Zillow or Trulia don't catch it, or when they do, it's written off as "an apparent reporting error". 

Meanwhile, Washington passed a law to exempt former homeowners from tax liability for the massive write-off banks took on these sales. So they covered their tracks pretty well. Imagine what would happen to the value of your home if buyers knew your neighbor's place- just like yours-  sold for 10% of your asking price? This is one of the last 'Big Lies' that has yet to be fully revealed. Caveat emptor.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013 - US
We think we've answered this question for you!
 
 

Replies (6)

And I guess we did not really go to the moon either.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013
Lots of homes were and are sold for far less than the homeowner owed.

Lots of foreclosures happened due to illegal tactics like robo signing.

Maybe the entire housing debacle was a well planned scheme by those who ultimately wanted to gain control and bring the country to its knees.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013
I don't agree with nepotism. A foreclosed house should sell for market value. That said, we all know that sometimes in life things are not fair. Some might say (and have) that it's not fair to the homeowners who are still faithfully paying mortgages each month on lower valued homes while their neighbor did a short sale and walked away from their obligations. So should someone get a $15,000 house? No, of course not. Is it going to happen sometimes? Yes, it will. Is it better that someone lives in and takes care of a house than letting it sit vacant, exposing it to vandals and criminals? Yeah, I have to say I'd rather have a neighbor who paid ridiculously under-value than have a vacant overgrown vandalized house next door.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013
Almost all of the homes that were foreclosed on in the Bay Area were eventually listed for sale by the bank on the MLS. Market forces prevailed and they were sold for what they were worth at the time. No conspiracy that I could see.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 27 2013
Profile picture for user71129307
ZILLOW IS A CONSPIRACY! 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 17 2013
Some parts of this are correct, but I do not concur with the conclusion.

The reality is that it doesn't matter if your neighbor's house sold for $15,000 while you're trying to sell yours for $150,000. Yours isn't for sale for $15,000, and nothing else like it is, either.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 17 2013
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Difference in Zestimate values
Profile picture for Pasadenan
Latest reply by Pasadenan
2 days ago | 6 answers
  • Posted by marybh1
  • In Pricing
  • January 24 2011
How much would a newly renovated unit be worth in 7710 n. Sheridan unit 305 new kitchen, bath, hard
Profile picture for Nicholas Ryan Rendleman
Latest reply by Nicholas Ryan Rendleman
2 days ago | 6 answers
  • Posted by Valerie Urso
  • In Pricing
  • January 19 2012
The Selling Agent Bonus
Profile picture for cynraleigh
Latest reply by cynraleigh
4 days ago | 18 answers
  • Posted by Kevin Olson, Jessica Laude
  • In Pricing
  • March 20 2011
Incorrect data on home - how to correct?
Profile picture for murgatroyd1
Latest reply by murgatroyd1
June 18 | 6 answers
  • Posted by user2426484
  • In Pricing
  • June 20 2013
Zillow Zestimate SUCKS
Profile picture for Herodotus2012
Latest reply by Herodotus2012
February 18 | 28 answers
  • Posted by Earl Gray
  • In Pricing
  • August 03 2013
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.