I talked to a friend today who's putting a stink bid in on a foreclosed home in Fallbrook, a remote part of San Diego County.
Current bank loan: $505,000. Days on market: 100. Bid: $340,000. Down payment: $0.
Yes, zero-down was what got the banks into this mess. But I wouldn't be surprised if they hit the bid just to turn an REO into a performing (at least for now) loan.
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