Feasting on Foreclosures: Foreclosure sales can wreck lives, neighborhoods
For more: http://bit.ly/gPlMEl
A lender had taken the deed to the property and sold it to a local investor for $36,100, who then flipped it to Ms. Hernandez, nearly doubling his money in two months. But saddled with a defective home and a mortgage she couldn't afford, Ms. Hernandez let the home go back into foreclosure, where an Ohio-based investor bought it for $3,122. In just three years, the house lost, apparently, 90 percent of its value.