Auctioned Boulder HUD home sells for $270K over list price, losing bidder cries foul

[TexasTowelie]

The rare sale of a federally owned home in Boulder has offered a snapshot into the feeding frenzy that has become the city's real estate market in recent years.

It's also raised the ire of a losing bidder who alleges the sale is a misuse of a government program that kept a relatively affordable home out of the hands of an ordinary citizen and awarded it to a quasi-investor.

The debate centers on the sale of a three-bedroom, two-bathroom home at 2111 Norwood Ave. in North Boulder, built in 1963 and auctioned off in November 2015.

The house had a reverse mortgage insured by the Federal Housing Administration (FHA), a process in which elderly home owners (over the age of 62) relinquish equity in their home in exchange for regular payments.

Read more: http://www.dailycamera.com/business/ci_30724650/market-frenzy-auctioned-boulder-hud-home-goes-more

[Warpy]

1. Jesus. I can see about 10 violations there

not to mention taste in building 2 McMansions on a simple HUD lot. They'll be cheek by jowl with no privacy and the "yard" will consist of a single green stripe next to the driveway leading to the oversized garage door.

I hope the crash comes sooner than later. I'm not afraid of another round of genteel poverty, gawd knows I'm good at it, just to see greedy bastards like these go broke.