Here's one way to liquidate a mortgage

There were 725 single-family homes on the market as of Nov. 5 in the communities of Belknap County, Moultonborough, Tuftonboro, and Wolfeboro. The average asking price was $651,002 and the median price point was $339,900. This inventory level represents about a six-month supply of homes on the market.

Here is a short story about someone working in the banking industry (sort of) that was dedicated to helping himself and home owners in financial trouble. “Choc” Floyd was always trying to improve himself. One day, back in 1932, he went to a local bank near where he grew up in Sallisaw, Oklahoma. He walked up to the teller and withdrew a couple thousand dollars. That was a lot of money back in those days! After leaving the bank he drove up and down the street tossing money out of the windows to the people in the street.

He was a generous man … to a certain degree. It was tough times back then. Our country was in the throes of the Great Depression and people were scraping just to get by. Even worse, lots of people were losing their homes to the bank because they just couldn’t find a job … anywhere! He would often buy struggling families groceries and even purchased Christmas gifts for families who could not afford any.

“Choc” and a good friend named George Bidwell worked hard to make ends meet and make a name for themselves in these trying times. ”Choc” was known far and wide for his work. He was often written about in the local papers. Even the famous Woody Guthrie wrote a ballad about him. Part of the song went like this: “But many a starvin' farmer, the same old story told, how the outlaw paid their mortgage, and saved their little homes. Others tell you 'bout a stranger, that comes to beg a meal, underneath his napkin, left a thousand-dollar bill.”

When he died in 1934, over 20,000 people attended his funeral to pay their respects. It was the largest funeral ever held in Oklahoma, even to this day. “Choc” helped a lot of people and he was widely admired.

Charles was his real name, but everyone called him “Choc” because he really liked to drink Choctaw Beer which was obviously a regional brand. The Porch Crawler had yet to be invented! You probably have figured out that “Choc’s” other nickname was “Pretty Boy” as in “Pretty Boy Floyd.” This notorious bank robber was also widely referred to as "Robin Hood of the Cookson Hills" indicating how many of the local folks really did support him in his banking endeavors.

You see, it was rumored, though never proven, that Pretty Boy Floyd ripped up the mortgages he found in the vaults of the banks he robbed, thereby saving many families from losing their homes. Sounds like a good way to liquidate a mortgage to me! No wonder 20,000 people went to his funeral!

Visit www.DistinctiveHomes.NH.com to learn more about the Lakes Region real estate market and sign up for a monthly newsletter. Data compiled using the NEREN MLS. Roy Sanborn is a sales associate at Four Seasons Sotheby's International Realty. Contact him at 603-677-7012.