Flip Fraud Found in Florida

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A Herald-Tribune investigation has found at least $10 billion in suspicious house flip deals in Florida.

The deals — many of them inflated sales among friends, family and business associates — drove up property values and tax bills during the boom, fed bank bailouts and failures after the boom, and fueled the foreclosure wave that has gutted property values.

Unscrupulous property flippers would buy houses or condos, then drive up the price in a few days or weeks by selling it to someone they knew. Buyers used the inflated price to get bank loans for more than the property was worth, leaving money for flippers to split as profit.

The alleged behavior is outrageous; however, the Herald Tribune has executed a beautiful and highly informative infographic. I’ve split it into three pieces to make the viewing easier (click them to expand). These are worth some time examining, they really are well executed.

[via Vizworld from stories at the Herald Tribune: ‘Flip that house’ fraud cost billions, Flippers’ Toll: On Gulf Coast, half a billion in defaults, and The King of the Sarasota Flip]

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Infographic - Information graphics or infographics are visual representations of information, data or knowledge.

Tagged as: data, foreclosure, Infographic

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About the Author

This post was written by Neal Levene, CEO of InnovaTech, Inc., who blogs about data and business issues here at Simple Complexity and about a variety of other topics at NealLevene.com. Find Neal on LinkedIn or follow him on Twitter. Neal is available to speak to your organization on a variety of topics. You may also use Simple Complexity's Contact Form.