Foreclosures in the Missouri real estate market increased 96.5 percent in 2006, area real estate agents have filed complaints with the Missouri Real Estate Commission.
Some schemes involved home loans totaling more than $19 million for more than 300 properties.
“Several Realtors said they noticed investors bailing out of real estate because they were no longer able to turn quick profits. ‘That flipping thing is kind of over,’ said broker Judy Comstock. ‘It’s no longer the in thing to do.’”
The Springfield Business Journal from Missouri. “The FBI is investigating alleged mortgage fraud schemes in the Springfield area, some of which may be driving a spike in foreclosures on homes sold to unsuspecting buyers at inflated prices.”
In January it was stated that "The average price of Springfield homes is around $150000 with an average square footage of approximately 1500". Over all growth was moderate appreciated at a very modest 7.5 percent in 2005.
Now we hear that the FBI is Investigating Real Estate market fraud? What is happening in Springfield?
Comment below let me know what you think.
