Cujo

Interesting article...wonder how many houses and average price the company may have to deal with after the dust settles.

LAKE WATEREE, South Carolina (CNN) -- At a time when the U.S. Postal Service says it is experiencing a financial crisis, it purchased a $1.2 million home from an employee so he could relocate, a CNN investigation has found....
...
Frey said the average cost of the 1,022 homes purchased through the USPS relocation program in 2007 and 2008 was $257,874. Fifteen of those remain on the market, he said.
Of the 1,022, 14 cost between $1 million and $2.8 million. All of those have been sold, Frey said, but typically at a loss once closing costs, attorneys fees and commissions are paid.

In 2007, after the U.S. housing boom peaked, the USPS lost an average of $50,542 on each deal, he said. In 2008, with the market in full retreat, the average loss climbed to $58,397.

Postal Service draws criticism for $1.2 million home buy - CNN.com

cma2407

Average $50,000 loss per home, plus training costs, moving costs, and folks producing nada while sitting in school for 3 months--times how many hundreds?


Wow.

FR8Hauler

Can't see it happening, but they are going to buy mine if this goes down. Standby for another cancelled bid?