SANCHEZ: Here’s another story we think is fascinating, so we’ve decided to not only cover it, we’ve decided to have some of our special investigations unit folks look into this case. There’s a good possibility something like this might make you a little bit irritated. Maybe even a little bit mad. Let’s start with a picture. Look at this house. This is a house that’s worth $1.2 million. Somebody who worked at the postal office lived in this house. So they wanted to relocate this guy. And they decided the only way they could relocate him is to buy his house from him and then they’d try to sell it so he can move somewhere else. That’s an indoor swimming pool, by the way. Guess how much his house cost? $1.2 million that they are taking on. In this economy.

Abbie Boudreau is joining us now from the SIU unit. Wow. It’s a sweet deal for him. Who wouldn’t want in this economy for someone to give him market value for this home. Since no one seems to be able to get it. Can you do us a favor? Pretend you’re a realtor. Take us through this thing. What kind of house is this, by the way?

ABBIE BOUDREAU, CNN CORRESPONDENT: It is an absolutely gorgeous house.

SANCHEZ: Let’s go to the videotape.

BOUDREAU: It’s $1.2 million. Five acres.

SANCHEZ: Look at this. Look at that picture. What’s with the lake?

BOUDREAU: It’s a lake front property. This neighborhood is isn’t where people go for summer homes. But there you can see the indoor swimming pool.

SANCHEZ: I’ve got one of those. Not.

BOUDREAU: Of course, we all do. No, it’s an absolutely gorgeous house. It’s about 30 minutes away from Columbia, South Carolina. And like I said, it’s five acres. You know, it was originally on the market for $2.9 million. And then it was reappraised by the U.S. Postal Service for $1.2 million. That’s what they purchased it for.

SANCHEZ: This is the U.S. Postal Service. It gets a little complicated when we try to explain it. They don’t get your taxes but they are commissioned to sell stamps, which we all have to buy, and then they take that money and do what it is they want with it. In this case buying and trying to sell a $1.2 million house. Shouldn’t they have a limit on how much they’re going to buy from their employees to relocate them? Doesn’t that make sense?

BOUDREAU: Now they do, as of two weeks ago when we called and talked to them and they told us, oh, yes, we’re having …

SANCHEZ: Well done.

BOUDREAU: I can’t take credit for that. But I will tell you, it’s a coincidence.

SANCHEZ: What’s the cap now.

BOUDREAU: The cap now is $1 million.

SANCHEZ: Still kind of high.

BOUDREAU: Well, it is, yes. It’s pretty high. Considering the Food and Drug Administration is capped at $330,000. But can I also add a little bit of how this works?

SANCHEZ: Yes.

BOUDREAU: USPS has a contract with the Cartus Relocation. That’s a government contractor. That’s how it works. Cartus actually deals with the details to buy and sell.

SANCHEZ: It’s not that you couldn’t understand like that might not happen in the past. Sometimes stories are good because they’re timely. In this economy, in these times, with Wall Street as we’re looking at it right now, pretty much flat, down almost 300 yesterday. You look at this and you go, it doesn’t make sense.

BOUDREAU: Are they going to be able to resell the house at this point?

SANCHEZ: Good luck. For $1.2 million in this economy? Who’s going to buy it.

BOUDREAU: Well, it’s the most expensive home purchase in a two county area in that region. Also, the Postal Service said we try to come out even. When we buy a house, we want to resell it and we want to come out even. We know that’s not the case. On average they lose about $58,000 per house. And of course that adds up.

SANCHEZ: Let us know. You’re going to follow up on this?

BOUDREAU: Absolutely.

SANCHEZ: We’ll keep checking back with you. I bet you it might be awhile. Just a hunch. Abbie Boudreau, thanks for being with us.

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