July 23 (Bloomberg) -- Fannie Mae, the largest U.S. mortgage finance company, couldn't find a buyer who would pay $6,900 for the three-bedroom house at 1916 Prospect St. in Flint, Michigan. So broker Raymond Megie, who is handling the foreclosure sale, advised cutting the price to $5,000. Megie still couldn't sell it. "There's oversupply," he said. The home sold in 2005 for $110,000.
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Gee! US has an oversupply of $5,000 3 bedroom homes!
Hey when is it going to get like that here? I'll take one dozen thank you!
July 23 (Bloomberg) -- Fannie Mae, the largest U.S. mortgage...
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