Would You Pay $103,000 for This Arizona Fixer-Upper?

http://online.wsj.com ^ | JANUARY 3, 2009, | MICHAEL M. PHILLIPS

[Para-Ord.45]

he story of the two-bedroom, one-bath shack on West Hopi Street, is the story of this year's financial panic, told in 576 square feet. It helps explain how a series of bad decisions can add up to the worst financial crisis since the Great Depression.

Less than two years ago, Integrity Funding LLC, a local lender, gave a $103,000 mortgage to the owner, Marvene Halterman, an unemployed woman with a long list of creditors and, by her own account, a long history of drug and alcohol abuse.

For a $350 fee, an appraiser hired by Integrity, Michael T. Asher, valued the house at $132,000. Mr. Asher says although he didn't personally believe the house was worth that much, he followed standard procedures and found like-sized homes nearby that had sold in that price range in 2006.

[tet68]

hahaha, I've been wanting to buy a place for some time,
the descriptive terminology of real estate agents borders
on the ludicrous.

[Grampa Dave]

That shack/shed in the San Jose Area, East Bay area and the north wino counties would probably start between $350,000 to $550,000.

[tubebender]

Looks like a little fixer-upper in Hollister, CA. For about $200,000.

For $200,000 we'll name a earthquake after you...

[truthkeeper]

The world has gone mad.

[GregoryFul]

Actually the Clintons were doing very much the same thing in the 80’s. It is all very respectable, all the pols are doing similar scams. The schemes in the 80’s lead to the doom of the S&L’s in this country - and oh, yeah, another mega looting of the taxpayer.

[MaggieCarta]

And to make up for their stupidly - the banks are now raising interest rates on credit cards to the point that people won't be able to make payments. Is that going to be a new bailout? I'm tired of this... NOW.

Yes, I think that will be the next bailout.

[factoryrat]

The shed in my backyard is bigger than that! Can I refinance it for 103k also?

[GOPJ]

If the banks are screwing over my fellow citizens, why would I want to bail them out? Do they make big donations to dem congressmen?

[Ernest_at_the_Beach]

Listed for 159,000....wouldn't give more than 50,000 .

...where is Hollister?

[Ernest_at_the_Beach]

Wrong state...picture is Hollister Ca....