How does Mortgage Fraud work?

I see this question asked over and over on housing blogs but most of the answers are so complex and technical that you would need to be a mortgage broker or an accountant to understand the explanation.

Well today as I was reading Miami condo investments a reader named Generalagic left one of the best, easy to understand, examples of how mortgage fraud which he witnessed as a realtor in Miami actually occured.

Just wanted to share this great post with you all;


Generalagic // Mar 21, 2008 at 8:01 pm

Hi Everyone,

As a realtor in South Beach, I know first hand of all the fraud that went on. I unfortunately had to witness it because no one listened to me in the buildings where I work and because both local and Federal authorities turned a blind eye. I saw so many transactions go on where properties were listed on MLS let’s say at $550K. The fraud buyer would pay full price and would tell the seller he is going to get it appraised at let’s say $800K. Seller agrees because all they want to do is sell the apartment and get out. Now the buyer get 100% financing at $800K, gives seller $550K and the fraud buyer just walked away with $250K. In addition, the realtor representing each side made out, even though they knew what was going on.

Now the fraud buyer sticks a tenant in the unit at a discount price. So now the fraud buyer stops paying his mortgage and maintenance on the building while collecting rent and pocketing the profit on the spread. This went on over and over and over in so many building everywhere.

What frustrates me more than anything is that Federal authorities and local either said it was not there jurisdiction and never did anything. I have a lot of evidence yet no one has done anything.

I always said Mortgage brokers were thiefs, Looks like I was right!

The Mugshot on the left is the 25 year old "CEO" of lifetime financial.

The FBI broke up a Mortgage fraud ring this week which is perhaps one of the most blatant and idiotic commisions of a crime I have ever witnessed, but we are talking mortgage brokers here so what else would you expect.

These mortgage brokers are thief's, in the most literal sense of the word. They would cold call you asking you to refinance at a low 30 year fixed interest rate. If you showed any interest at all, even if you declined their offer after realizing it was a subprime ripoff, they would simply forge your signature on the documents and close your loan anyway.

40 year fixed, 9.5% kind of loans!

The mistake made that led to their arrests included spelling names wrong on the forged signatures they had made. How did these people think they would not be caught!

What tops it off is how the 25 CEO already had 6 million worth of properties, a Ferrari and a Bentley. This article is almost beyond belief so I am posting the whole LA TIMES article below as written, Enjoy!

LA TIMES

State and local prosecutors said Tuesday that they had shut down a mortgage fraud ring that allegedly victimized thousands of seniors and others, some of whom lost their homes.

The San Bernardino County district attorney's office arrested five people and were waiting for two more to surrender to face charges of conspiracy, grand theft and elder abuse as part of a crackdown on alleged sub-prime mortgage lending scams with the California Department of Justice.

A related lawsuit filed in Los Angeles County Superior Court accuses six companies of using predatory lending practices to trap homeowners in illegal and expensive loans.

"As the mortgage crisis worsens, a growing number of fly-by-night companies are employing utterly brazen tactics to push homeowners into illegal and unconscionable loans," California Atty. Gen. Jerry Brown said. "The illegal sales practices of these companies . . . included psychological pressure, forgery and outright lies."

The companies used bait-and-switch tactics to take advantage of thousands of consumers, Brown said. On Monday, he received a court order freezing the firms' bank accounts and forbidding them from engaging in predatory lending practices.

The six companies -- Lifetime Financial Inc., Nations Mortgage Inc., Greenleaf Lending Inc., Virtual Escrow Inc., Olympic Escrow and Direct Credit Solutions Inc. -- were operated by Eric Michael Pony, 25, of Tarzana and family members, the lawsuit said.

In a coordinated action, San Bernardino Dist. Atty. Michael A. Ramos announced that Pony, a former real estate salesman, was expected to turn himself in to authorities Tuesday. Pony gave up his state license in September after an investigation by regulators. If convicted, Pony could face 24 years in prison, Ramos said.

Also expected to surrender was his sister, Paulette Pony, 23, of Tarzana, a notary public for Lifetime Financial. The California secretary of state's office lifted her license in December in connection with felony conspiracy charges and for failing to disclose a forgery conviction.

Five other company employees were arrested and hit with criminal charges. Most were held in lieu of $2 million bail.

At a news conference Tuesday in San Bernardino, Ramos said he believed the Pony siblings to be the ringleaders of the operation, describing them as "the worst of the worst" among predatory lending abusers.

Ramos said his office had investigated the operation for nine months and accelerated its action because several of the alleged victims were elderly.

He said the siblings and their colleagues -- including Eric's mother, Wilma Pony -- aggressively targeted victims through telemarketing scams. Wilma Pony, listed as chief executive of Nations Mortgage and Direct Credit Solutions, wasn't charged.

Among the people the group "picked on," Ramos said, were sub-prime borrowers and non-English speakers.

Brown's statement described the plight of 75-year-old Luis Garcia, among 14 San Bernardino County residents hurt by the alleged fraud. Garcia agreed to a 50-year loan with $1,000-a-month payments but instead was hit with a monthly bill of $2,254. Garcia later found that Lifetime Financial had falsified his income and work history. He couldn't afford the payments and lost his house.

Also named as victims were Tracylyn and Ronald Sharrit of San Bernardino, who said they were contacted in June 2006 by a Lifetime Financial representative who offered to refinance the couple's loan.

A month later, Eric Pony came to their home with loan papers, which contained terms different from the ones they had originally been offered, Tracylyn said in an interview Tuesday.

"He pulled up and he had a nice car, a nice suit and talked like he knew his business," she said.

Still, the couple declined to sign the papers. They later discovered their loan had been refinanced anyway -- using forged documents with signatures that weren't theirs and that misspelled their last name.

"We feel financially raped," said Tracylyn, 40. "Why did this happen to us?"

A statement issued by Brown accused Lifetime Financial, Nations Mortgage and Greenleaf Lending of promising borrowers unrealistically low interest rates of less than 6% a year and then having them sign contracts that carried higher rates. Lifetime Financial charged hidden loan fees of as much as $20,000 per transaction, the statement said.

Brown said he was seeking penalties and restitution of more than $20 million and had already identified a number of bank accounts and properties for possible seizure.

The criminal and civil actions against the Pony family members and associates and their companies are believed to be the most ambitious by law enforcement since California's once-booming housing industry was hit last year by a crippling downturn that made it difficult for tens of thousands of borrowers to pay soaring sub-prime mortgages with adjustable interest rates. Brown said it was only the first of several legal actions planned to fight mortgage fraud.

The move, though limited, was welcome and would help "to rid the marketplace of the most egregious illegal practices," said Paul Leonard, director of the California office of the Center for Responsible Lending, a consumer advocacy organization. "But the illegal practices are only the tip of the iceberg. The vast proportion of the problems in the sub-prime market were caused by perfectly legal but systematic failures."

The investigation of the Pony companies also involved the Los Angeles Department of Consumer Affairs, the California Department of Real Estate and the state Department of Motor Vehicles.

marc.lifsher@latimes.com

andrea.chang@latimes.com

Working two jobs.

Hey Everyone.

I just wanted to apologize for the long delay between posts. I have been working two jobs, and going to college taking some hard courses so I have just not had the energy to post lately. I will try and post more articles soon and update the site more often.

The Good Guys vs The Bad Guys: Who is looking out for your best interest? and who are the Criminals and Traitors to the American People!

THE GOOD...

THE BAD

And The UGLY

With gas prices soaring to record highs, life savings being eroded away by inflation, and the housing market in complete disarray many people are starting to wake up to the fact that something is seriously wrong with this country.

It becomes very apparent when one does a little research that the government is working for their banker buddies on Wall Street and the special interest who take them out to lobster dinners rather then for the American people who they should be truly taking care of.

As the economy tumbles more and more rapidly towards economic collapse, many wonder who they can turn to to get the truth about why this is really happening. The Mainstream media has become a laughable joke of government propaganda that only tells one side of the story. Additionally the media rigs the outcome of political elections based on their biased and unbalanced airtime for certain candidates while unleashing a constant barrage of underhanded "POLLS" and polling data under the guise of reporting the will of the voters, when it is in fact these very polls that determine the outcome of elections because most people are swayed by them and will only vote for one of the top two candidates thus becoming a self fulfilling prophecy.

At the same time, most Americans are completely clueless because entertainment has become the opiate of the 21st century the same way religion was the opiate in Marx's time. American Idol, Playstation III, Wii, 24 hour sports, and free credit cards to anyone with a pulse keep even the poorest and most exploited Americans passive and content with their lives.

If you have come to this website and are reading this article, you have woken up to that fact that things are not as they appear and you have taken the first step to realizing the truth of what this country has become.


So who can you trust and who is an enemy to the constitution?

The Hero's

1) RON PAUL

Say what you want about Ron Paul, but this is a man who loves America and the principles it is founded on more than any other man alive today. He fights for you in congress every day and stands up to the power, and evil that has taken control of our country. Ron Paul is the champion of the constitution and we need a few more congressmen exactly like him.

2) Peter Schiff

2 years ago this man was on TV predicting everything that happened in the past year and he was laughed at and ridiculed by the "experts" and "analyst" well... Everything he predicted has come true and he has made everyone else look like a fool. Peter Schiff is the God of economics and if you need to know where to put your money, read what he has to say and you will not go wrong.

3) Lou Dobbs

I was watching his show last week and he was talking about the outsourcing of an air force contract that went to a French company and cost Americans thousands of jobs. Watch the emotion he shows when discussing the loss of American jobs and tell me it doesn’t move you a little bit.

4) Glenn Beck

I did not like the way this guy treated Ron Paul, but he does see what’s going on and wrote a book called “An Inconvenient truth” which brings to light many of the things I have been talking about on this blog since last fall.

5) Bloggers.

You want the truth?

YOU CAN’T HANDLE THE TRUTH!!!

But we give it to you anyway. Miami Condo Investments, Housing Panic, Housing Doom, and all the rest give you the real information and let you make your own decisions.

The Bad Guys

1) Ben Bernanke and the Federal Reserve.

Bernanke and the fed will continue to destroy the dollar and cause inflation to skyrocket in a futile attempt to keep undeserving irresponsible people in houses they don't deserve and to bail out the bankers on wall street at the expense of your standard of living.

2) The Military Industrial Complex

War makes a lot of money, and these guys make money building the bombs and planes that are being used in no win police actions like Iraq. The have donated a ton of money to Hillary and McCain and they want the war to go on forever so their profits keep rising at the expense of tax payers.


3) The Big Oil Companies

Enjoy $5.00 a gallon gas because its coming soon.

4) Wall Street

The disconnect between Wall Street and Main Street is staggering. While regular Americans on Main street are having a hard time putting gasoline in their car and buying food, the multi-million a year hedge fund managers are living a lifestyle most people only dream of and feel absolutely no hint of recession as the stock market soars to new highs (due to the crashing dollar) which devastates the standard of living of main street.


5) 90% of Realtors and Mortgage Brokers

This clip says it all.




You want the truth?

The truth is a revolution is brewing.

The 12 steps to Financial Armageddon.

I saw a pale horse and upon it a pale rider.
The name of the horse was Pestilence.
The name of the rider was Death..

1. PermaRenter Says:
   February 22nd, 2008 at 8:35 pm

   Step 1 is the worst housing recession in US history. House prices will, he says, fall by 20 to 30 per cent from their peak, which would wipe out between $4,000bn and $6,000bn in household wealth. Ten million households will end up with negative equity and so with a huge incentive to put the house keys in the post and depart for greener fields. Many more home-builders will be bankrupted.

   Step 2 would be further losses, beyond the $250bn-$300bn now estimated, for subprime mortgages. About 60 per cent of all mortgage origination between 2005 and 2007 had “reckless or toxic features”, argues Prof Roubini. Goldman Sachs estimates mortgage losses at $400bn. But if home prices fell by more than 20 per cent, losses would be bigger. That would further impair the banks’ ability to offer credit.

   Step 3 would be big losses on unsecured consumer debt: credit cards, auto loans, student loans and so forth. The “credit crunch” would then spread from mortgages to a wide range of consumer credit.

   Step 4 would be the downgrading of the monoline insurers, which do not deserve the AAA rating on which their business depends. A further $150bn writedown of asset-backed securities would then ensue.

   Step 5 would be the meltdown of the commercial property market, while step six would be bankruptcy of a large regional or national bank.

   Step 7 would be big losses on reckless leveraged buy-outs. Hundreds of billions of dollars of such loans are now stuck on the balance sheets of financial institutions.

   Step 8 would be a wave of corporate defaults. On average, US companies are in decent shape, but a “fat tail” of companies has low profitability and heavy debt. Such defaults would spread losses in “credit default swaps”, which insure such debt. The losses could be $250bn. Some insurers might go bankrupt.

   Step 9 would be a meltdown in the “shadow financial system”. Dealing with the distress of hedge funds, special investment vehicles and so forth will be made more difficult by the fact that they have no direct access to lending from central banks.

   Step 10 would be a further collapse in stock prices. Failures of hedge funds, margin calls and shorting could lead to cascading falls in prices.

   Step 11 would be a drying-up of liquidity in a range of financial markets, including interbank and money markets. Behind this would be a jump in concerns about solvency.

   Step 12 would be “a vicious circle of losses, capital reduction, credit contraction, forced liquidation and fire sales of assets at below fundamental prices”.

Bailout in the Sand (HousingFEAR original poem)

A HousingFEAR Original Poem.

Bailout in the Sand

One night a banker had a dream.
He dreamed he was walking along
the beach with Bernanke.

Across the dark sky flashed scenes from his unethical life.
For each scene, he noticed
two sets of footprints in the sand,
one beloning to him and the other to Bernanke.

When the last scene of his useless life flashed before him,
he looked back at the footprints in the sand.
He noticed that many times along the path of his life
there was only one set of footprints.
He also noticed that it happened at the
very lowest and saddest point of the mortgage crisis.
This bothered him and he questioned Bernanke about it.

"Bernanke, you said that once I decided to follow you,
you'd walk with me all the way.
But I have noticed that during the most
troublesome times in the housing crisis there is
only one set of footprints.
I don't understand why when I needed you most
you would leave me."

Bernanke replied "My precious, precious child,
I love you and would never leave you.
During your times of trial and suffereing,
when you see only one set of footprints in the sand,
it was then that I froze subprime arms."

McLovin should drop out

McCain Mistress on Right

Shocking resemblance to Cindy McCain

From henceforth, McCain shall be known on this blog as McLovin.

The New York times reports that McLovin has been enjoying the company of a special interest lobyiest who looks shockingly like his wife making the story even more credible. The American people could have nominated a great man like Ron Paul, but instead choose a man who supports a 100 year policy of bankrupting our country in Iraq and a man who allegedly cheats on his wife with a woman who looks like a younger version of her.

Mclovin will lose the general election to Obama in a 40 state landslide and the Republican party will get what they deserve for shunning and ignoring the only candidate who shown the flashlight on the neo-con cockroaches who have hijacked the party.

Hopefully when the embarrassing truth of how much the party has lost its way is revealed this November the Neo-cons will be forced to scurry back into the darkness. God willing, the Republican party will elect a true anti war conservative like Ron Paul next time around.

You better believe it

Why the housing bailout will backfire

The government is starting to get desperate as they realize that we are headed towards a historic banking breakdown and housing great depression.

The politicians don't care about you losing your house. They know you will just rent and apartment and go on about your life happily. Of course it's an election year so you will hear all sorts of "I feel your pain" comments meant to garner votes and express pseudo sympathy for the common man losing "the American dream" but the reality is that is just an ulterior motive and they can really care less.

Don't get me wrong, they do want to keep you in your home, but not for the reason they want you to think.

The banking industry is totally screwed. They made so many bad mortgages and are going to lose so many billions of dollars with the coming wave of subprime arms resetting this summer, and the second wave of option arms resetting in 2010 and 2011 that they know a historic calamity is just around the corner... This is so bad that huge banks like Citibank, Chase, Wells Fargo, Bank of America could very well not be around five years from now if they do not keep people in their homes, and everyone in DC, Wall Street, and the people who read all the housing blogs know it.

Unfortunately most people on main street who only get their news from CNN and Fox really have no idea whats coming.

So the senate, secretary Paulson, and the banks are concocting a scheme to renegotiate, freeze, and lower interest rates for people who can't make the payment. This is the bailout that is meant to stave off the second great depression and save the US banking system.

Here is the problem... I don't mean to sound like a broken record for those who have read my past rants, but it all comes down to moral hazard.

• I put 20% down on my house
• I got a 30 year fixed mortgage at 6.5% in 1-2006
• I had a job
• I had a credit score over 750
• I bought a house with a payment I could afford and have not been late yet.

I basically did the responsible thing and I am going to get screwed. I could have got a 2 or 3 year arm at 5.0% interest and would have been paying much less money this whole time. I could then call my bank, claim hardship that I would not be able to pay my rate after it reset, and stayed locked in at 5.0% for the next few years.

Being irresponsible would have saved me thousands of dollars paying a lower rate for the arm and then being able to stay locked in at that low rate thanks to the bailout.

Instead here I am, I did the right thing, and I will be financially punished for it while the person who got their house with a bad credit score, no down payment, and bought more house than they could afford will get to continue happily living in their McMansion for a rate cheaper than mine.

What they government needs to realize is that not only are more people going to be encouraged to do the irresponsible thing in the future since they face no consequences for their stupid decisions but I think this plan will backfire in a way they have not thought of.

What happens when the responsible revolt? What happens when people who did things the right way threaten to walk away if they do not receive the same low interest rate their dumb ass 550 credit score neighbor is? You can read it on the blogs, people are pissed, and I have a strong feeling that our voices will be heard.

Furthermore, why will investors ever invest in mortgages again knowing that banks are going to change the terms of their contract. That is immoral and just plain bad business. This raises new and troubling questions; when burned investors don't buy mortgages anymore and no one can get a loan in the future what will happen to the housing market? Only when this question is answered will we see the true ramifications of this perverse and often baffling bailout.

My condo development has been blacklisted by WAMU!

The mortgage meltdown is so bad that banks are now refusing to lend money to certain condo developments that they feel are high risk.

If you click Michigan on the Wamu blacklist you will see a list of all the condo developments which have been blacklisted and mine is one of them.

I guess soon you will need to have the full purchase price in cash if you want to purchase a condo which will only drive condo prices down even further.

What a disaster!

CAN YOU SMELL WHAT BARACK IS COOKING?

Am I the only one who notices this?

Listen and compare the two clips and hear both their voices.

They have the same damn voice!
They have the same sounding name... The Rock and Ba-Rock
They look alike... Pretty much.

Maybe Obama should make The Rock his celebrity sidekick sort of like Huckabee and Chuck Norris.

(EDIT)
If you play the two clips at the same time, it really sounds like a hit song... Barack says...They Saaaid... Barack says...They Saaaid!...Barack Says

I think I am on to something here... Can anyone mix this?

Detroit had top foreclosure rate in 2007

LOS ANGELES (AP) — The Detroit area, hit hard by the double-whammy of unemployment and a slumping housing market, had the highest foreclosure rate in the nation last year, with several cities in California ranked close behind, an analysis of foreclosure activity in the country's largest 100 metropolitan areas shows.

Some 4.9 percent of the households in the Detroit metro area were in some stage of foreclosure in 2007 — 4.8 times the national average, according to the study being released Wednesday by mortgage research company RealtyTrac Inc.

Stockton, Calif., ranked second with about 4.8 percent of its households in some stage of foreclosure, while the Las Vegas metro area was third with a 4.2 percent rate.

Irvine, Calif.-based RealtyTrac determines the ranking by comparing the number of households in a metro area with the number of foreclosure filings, which include notices of default, auction sale notices or bank repossessions.

In all, 72,616 filings on 41,273 properties were reported in the Detroit metro area, which includes Livonia and Dearborn. The foreclosure rate represents a 68 percent jump from 2006, RealtyTrac said.

Michigan has been in a protracted economic downturn and has led the nation in unemployment, a combination that has caused many homeowners to fall behind on mortgage payments.

Another Michigan metro area comprising Warren, Farmington Hills and Troy was ranked 17th, with 2.1 percent of its households facing foreclosure.

Truer words have never been spoken.

“Capitalism without failures is the worst form of socialism.”

HousingFEAR "Stimulus Bill" thought of the Day

This shortsighted plan poses a terrible risk to every American taxpayer, especially retirees, because Social Security money will be needed to bail out Fannie and Freddie. And even if you live in high-priced San Francisco, Los Angeles or New York - and stand to benefit from the increased loan limit - this is a horrible fraud on you, too, because raising the limit to $730,000 risks a systemic crisis that will cost far more than any temporary rebate check.

In support of the economic stimulus bill, Bush will have to face "working American families" and explain that some of their tax money is going to be spent guaranteeing $730,000 mortgages on $1 million homes. It's like some sort of upside-down communism where the poor pay the rich welfare. Why should taxes from families earning $48,000 a year be used to support expensive mortgages in New York, Los Angeles and San Francisco? Welfare for the hungry and homeless is evil, but welfare for million-dollar homeowners facing a tough refi ... well, that's called "helping the economy."

I can imagine the president's radio address playing in the heartland: "We have some families with million-dollar homes on the coasts who are really hurting and so we need you, the working families of America, to stand together with them and help them avoid the kind of home price depreciation that might leave them without a new Lexus for years."

-Sean Olender

Center for research on globalization

Yes, Americans really are this Dumb.

The Mouse that roared: Why Ron Paul won the election

As much as I am disappointed and saddened by last night, this message written by Doug Wead on his blog really puts the whole election into context. Ron Paul will not win the nomination, however, the revolution and idea's that his candidacy have ignited will not be extinguished.

Well now, Republicans say, we have a nominee. That may very well be but there was only one clear winner in the confusing GOP nominating contest and it was not John McCain. The winner was Ron Paul. And the effects of his win will be felt for years to come.

Ron Paul made a classic political mistake. He told the truth. In debate after debate he pointed at his party, his president, his fellow contenders for the GOP nomination, shouting aloud like the little boy in the proverbial story, “they have no clothes” and lo and behold, we looked and they didn’t. They were all naked.

He showed that the conservative movement has lost its way, its moral authority and its logic. He showed us that we have become a red team versus blue team. That since we have decided that this is a political war and all normal rules are suspended, conservatives can do liberal things to win it. Conservatives can run up big deficits if it helps their side win. They can dole out needless pork if it elects another “conservative” to congress. They can go to war if it makes their president look like a leader and wins him another term.

But in the process, Ron Paul showed us, that we have lost our way. We are no longer conservatives. We are fighting for power not for principles. We have become corrupted by the process and the only way back is to retrace our steps and find all the things we discarded along he way.

Barry Goldwater lighted a similar fire with his Conscience of a Conservative. Its truth and arguments were so obvious and so honest that one laughed aloud while reading it. But Goldwater, himself, was doomed to political defeat. And Ron Paul had no chance to win this election either. One could see that when he first opened his mouth.

And yet, the words and arguments of Ron Paul are still resonating. They still hang over this election. They are haunting and troubling. They are producing blogs and papers and books and like Goldwater’s revolution they will one day very likely produce their own Ronald Reagan. And when those heady days happen a small but hearty band of pioneers, who first had the nerve to join him and start shouting from the street, “They aren’t wearing any clothes,” will be able to say that they could see what the country missed. They were there when history was made.

John McCain and his poorly chosen words, of staying in Iraq a hundred years, have almost guaranteed that he will be the answer to the trivia question, who was the Republican candidate who lost to the ticket that claimed the first woman and black for the presidency? Another question may very well be, “What other candidate ran that year and launched the movement that has dominated national politics for the last generation?”

And the answer will be Ron Paul.

Tent cities in California due to housing crash?

ONTARIO, California (Reuters) - Between railroad tracks and beneath the roar of departing planes sits "tent city," a terminus for homeless people. It is not, as might be expected, in a blighted city center, but in the once-booming suburbia of Southern California.

The noisy, dusty camp sprang up in July with 20 residents and now numbers 200 people, including several children, growing as this region east of Los Angeles has been hit by the U.S. housing crisis.

The unraveling of the region known as the Inland Empire reads like a 21st century version of "The Grapes of Wrath," John Steinbeck's novel about families driven from their lands by the Great Depression.

As more families throw in the towel and head to foreclosure here and across the nation, the social costs of collapse are adding up in the form of higher rates of homelessness, crime and even disease.

While no current residents claim to be victims of foreclosure, all agree that tent city is a symptom of the wider economic downturn. And it's just a matter of time before foreclosed families end up at tent city, local housing experts say.

"They don't hit the streets immediately," said activist Jane Mercer. Most families can find transitional housing in a motel or with friends before turning to charity or the streets. "They only hit tent city when they really bottom out."

Steve, 50, who declined to give his last name, moved to tent city four months ago. He gets social security payments, but cannot work and said rents are too high.

"House prices are going down, but the rentals are sky-high," said Steve. "If it wasn't for here, I wouldn't have a place to go."

Source

Is this really happening in America?

Oakland County Michigan Housing Price Decline for 2007

Click HERE for the full results.

Perhaps the most disturbing thing (if you are a Oakland County homeowner) is the median sales price decline from 2006->2007 located on the far right.

Some notable figures

Addison Township:
2006: $512,750
2007: $278,432
Diff: -45.70%

Auburn HIlls
2006: $ 177,233
2007: $ 125,167
Diff: -29.38%

Bloomfield Hills
2006: $350,250
2007: $244,600
Diff: -30.16%

Independence Township
2006: $274,759
2007: $208,698
Diff: -24.04%

Oak Park
2006: $120,308
2007: $82,233
Diff: -31.65%


What do these numbers mean?

There definitely was a housing bubble in Oakland County Michigan, and its popping fast!

Thanks Russ for the info.