We will see more and more stories like this one from the Fresno area; where the first purchasers listened to the REIC shills and they are now underwater by up 50%. Good luck ever getting out of that financial mess. Unfortunately the knife-catchers of today, who think they "stole" the properties, will be underwater a year from now also.
From the Fresnobee.com:
A frantic two-hour auction Saturday in downtown Fresno was a sign of the times as bidders snapped up 48 new houses -- most for thousands of dollars below the builder's original list price.
"We're giving away property, ladies and gentlemen," auctioneer Mike Carr of Atlanta told the crowd of about 300 bidders in the Fresno Convention Center's Valdez Hall. Jonathan Homes, based in Patterson, offered the houses in Kerman, Madera and Riverdale to the highest bidder.
The auction came as the area's housing market struggles in a slump, with many builders facing bloated inventories.
Carr kept the bidding going nonstop. Most final bids were between $200,000 and $300,000. Previous list prices on some of the homes had been as much as $498,000.
In another case, bidding started at $229,000 on a four-bedroom, three-bath Kerman house originally valued at $412,000. It sold for $295,000.