Many weird stories have popped up at a result of the real estate bust, but none stranger than this recent item from California’s Riverside Press-Enterprise.
A character named King Solomon II is filing deeds of sale on foreclosed homes and then renting them out to other people. This is a big problem when the actual owners want to move in. They’ve got to evict the renters from their house.
King Solomon II, meanwhile, is claiming through his niece that he lives in a sovereign nation (Nevada) and refuses to pay taxes or homeowner’s association fees.
The case illustrates how relatively easy it is to file a claim of ownership.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.