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Resource ID: #16270
Subject: Real Estate
Source: WOOD-TV (Grand Rapids, Mich.)
Date: 1999-11-10



WOOD-TV reports the "sale of federally foreclosed homes to insiders at token prices. We found the Department of Housing and Urban Development priced surplus FHA foreclosed homes from 500 to 1,000 dollars. The properties were not offered in the usual public sale. The exceptional deals went to two realtors who had worked under contract with HUD for many years as property managers. They in turn sold the properties for many times what they paid..."

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