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Real estate is not for you

Here’s how real estate works, though not for you or me, or the millions of Americans losing their homes to foreclosure. The Gazette recorded real estate developer Lars Akerberg, reacting to the foreclosure of the Chidlaw Building which he bought in 1993 for $2 million. “It kind of hurts in a way.” Lars is actually defaulting on a 2006 loan for $14 million, only $1 million of it repaid. The article doesn’t mention how much of that went into the building, to whom it was paid, or the property’s current value, so Akerberg can probably say “It’s a little bit emotional, but what can you do?” because he’s losing $2 million but gets to keep an undisclosed part of the $13m. The Gazette article is a lesson in real estate, banking, and how the media obscures the swindles. Akerberg adds the salt, I think talking to you and me: “But that’s the way things are. You can’t help it.”

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