Sepod

First Call of a Double-Dip Recession: Setting Up a Market Bottom?

About 3 years ago, A friend of mine, purchased a brand new home from a Builder, in a Gated Community that he recently built, in Southern CA. The Builder (Lennar) is a top 5 builder of Homes in the USA, and is listed on the NYSE. It was recently revealed that the appraiser worked for both the Builder and the Bank that gave my friend the Mortgage, unfortunately, he didn't find out until he wanted to sell the House and move back to the Eastern part of the USA nearly 3 years later. His Attorney is currently negotiating with the Builder and the Bank since he is underwater with his Mortgage...his home is worth a lot less than his Mortgage Balance, due to the fact that he overpaid when the house was appraised for a lot more than it was worth at the time.