The appraisal for these condos, which were involved in a mortgage fraud, said they were recently renovated to include Brazilian hardwood and granite countertops and were worth $275,000, according to the FBI.

Mortgage-related suspicious activity reports by financial institutions increased 31 percent, to 46,717, in the 2007 fiscal year, according to the FBI's newly released 2007 Mortgage Fraud Report.

Here are some more details from the report:

Just 7 percent of these reports included a specific dollar loss, with those reported losses totaling more than $813 million.

The top 10 mortgage fraud states for 2007 were Florida, Georgia, Michigan, California, Illinois, Ohio, Texas, New York, Colorado and Minnesota.

The top 10 metropolitan areas for mortgage loan misrepresentations were: Minneapolis, Atlanta, Detroit, Memphis, Tenn., St. Paul, Minn., Pompano Beach, Fla., Miami, Fort Myers, Fla., Houston and Dearborn, Mich.

The report warned that the current market "provides an ideal climate for mortgage fraud perpetrators to employ a myriad of schemes suitable to a down market."