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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.
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