Michael in the comments shows my blog is poorly researched

Ouch, I'm just looking at the simple stuff, seems things are even worse if you dig a little like:

Michael said...
Here is another good one.


115 ISLAND COVE WAY Ballenisles Palm Beach Gardens, FL 33418

Purchased for $985,000
with a first mortgage of $788,000 and a second for $197,000 or 100% Loan to Value or nothing down.
It was then refinanced in Nov 06 with a first of $932,000 and a second $233,000 total loan $1,165,000.

Current asking price $699,000 or a loss for the bank of $466,000 assuming they actually can sell at this price.