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