Whats going on with this LB home?

[kompeitou_IHB]

I came across this strange home that seemed to be sold back and forth to the same person... im not a mortgage expert, can someone look at the transactions on property shark. Was this HELOC abuse? when i look at the pictures of this home on Ziprealty I cannot believe it was sold for 600K.



4541 TOLBERT AVENUE, Long Beach, CA 90807**



Beds: 3 Type: SFR Sq. Ft.: 1,278 Lot Size: 5,250 Sq. Ft. MLS #: P623349

Baths: 1/0 Built: 1945 $/Sq.Ft.: $274 List Date: 02/18/08 On Market: 95 days

 

[sell4u_IHB]

4541 Tolbert ~



According to title, I see 5 different last names throughout years (including the bank which acquired the property)



Only shows sold 1 time in my MLS.



Sold on 10/2/2006 for $590k

Sold to the bank on 1/22/2008 for $459k



Currently being offered as a bank-owned in the MLS at $349k



I noticed good ol' New Century Mtg on title as a lender back in 2003