The concentration of bad mortgages in Southern Cal, Arizona, NV and Florida is ridiculous when compared to the rest of the country. Forgetting the foreclosures, the number 1 state with existing mortgages that are more than the value of the house is Nevada in terms of the % of how much more the mortgage is.

Yes, over 600,000 Mortgages (Many in Vegas) are more than almost 50% more than the value of the property.

So lets say you boight a couple of condos for $500,000 each? they are now worth about $250,000.

I am not sayin, I am just sayin


Top 10 states with underwater loans
State # of mortgages % underwater
1.Nevada 609,577 47.8%

(Source Businessweek)

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

I'd think our pal didn't need to take out a mortgage to fund his little acquisitions.

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"It's not exactly a rocket surgery." D.J.

Tax-wise, you always take out mortgages and then depreciate the asset. I'm sure the mike has good sized mortgages on those properties.

You are insultingly vague.

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"It's not exactly a rocket surgery." D.J.

So you believe he bought $4mil in property with no mortgages?

Pretty sure he bought 2 condos from the "IT" Broker Chick in Vegas and then cut a deal, because I remember hearing the chicks commercials on his show.

"You gotta call me Randy Bernstein to buy a condo in Vegas! It's a great time to buy !"

Never heard her again

_________________
"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”