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FDIC Holds $1.8 Billion in Property From Closed Banks

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HERE'S A TIP - LOCATION, LOCATION, LOCATION!
The Wall Street Journal this morning reports on the amount of property the FDIC has quietly accumulated over the past two years. "In the past two years, the FDIC has taken over 150 failed banks. In the process, it has seized more than 5,000 houses, subdivisions, buildings, parcels and other foreclosed assets. The current backlog of property stuck on the agency's books, with an appraised value of $1.8 billion, ranges from an $18,700 clapboard home with stained carpets in Birmingham, Ala., to a $1.7 million mountainside lodge with a heated driveway in Steamboat Springs, Colo."

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