Thursday, July 24, 2008
Price cut to 2,500 pounds (not from, to!) and house still won’t sell
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.