Homeowner Kills Real Estate Agent, Authorities Say

Suspect was reportedly upset about a real estate deal.

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As if the housing market wasn't scary enough already, a 73-year-old man in Michigan has been arrested in the murder of his former real estate agent.

From the Associated Press, via BusinessWeek and The Real Estate Bloggers:

A man upset about a property transaction fatally shot a real estate agent in the head during a meeting Tuesday morning in the victim's office, authorities said.

[Muskegon County Prosecutor Tony] Tague said [alleged gunman Robert Arnold] Johnson plotted to kill [Troy] VanderStelt, took a .22-caliber semiautomatic handgun to the real estate agent's office, got him preoccupied with some paperwork in a conference room, stood next to him, pulled out the gun and shot him once in the temple.

"We believe this was a planned-out execution-style murder of the real estate agent," the prosecutor said.

Tague told WOOD-TV in Grand Rapids that Johnson believed that VanderStelt took advantage of him in a real estate deal. Johnson bought a house through him in 2005, then recently decided to sell it and went to a different real estate agent. The second agent told Johnson that, because of the slumping housing market, the home was not worth what he had paid for it.