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Martinez house flips includes three foreclosed properties

Street-hassle has learned that Council Candidate Rudy Martinez has "flipped" at least three homes in the run-up to the real estate bubble that later were foreclosed on.

The foreclosed properties include:
  • 442 West 118th Place in South Los Angeles (flipped by Martinez November 2001; foreclosed June 2004). Martinez's sell price was $72,000 greater than his strike price.
  • 10968 Wilmington Avenue in Watts (flipped by Martinez October 2005; foreclosed on October 2007). Martinez's sell price was $162,000 greater than his strike price.
  • 10600 Avalon Boulevard in South Los Angeles (flipped by Martinez May 2006; foreclosed on October 2007). Martinez's sell price was $139,000 greater than his strike price.
The phenomenon of flipping houses was commonly identified by economists throughout the decade as a practice that ironically kept urban homes out of reach of striving would-be buyers, dependent on "liar loans" and creating a "missing rung" on the urban housing ladder.