Friday, March 4, 2011

HUD as real estate sales office

The folks at HUD may not like to tell us what single-family loans they're selling, but they're quite happy to tell us which houses we are invited to take off their hands. For example, these 150 Arizona houses and condos, all up for auction March 26 at a hotel in Phoenix. If you're an Arizona real estate broker they'll even teach you how to sell these things. (See here, here, here and here.)

This item being offered in a spirit not of greed but of wonderment. It kind of helps to cut through the economic vertigo, to pick a house off the list and look at it. There it is, that's the wreckage of the lending crisis. And from the outside it looks just fine.

As a disliker of scorpions, I would pay money not to own an Arizona house after a prolonged vacancy, but that's just me. By all means go buy one if you like.

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