Greater Sucker theory in practice with real estate the last few years.
I mean really now, as Hilter says in the flick, "My realtor told me houses never go down."
Buying a $180k house for $500k is ridiculous.
So true. Few of these flippers and speculators can be called "owners" when they little or no money down in the first place. How can yo be an owner if you paid nothing for an asset? Some in Congress and at the FDIC want taxpayers to write their debts off and give them handouts....let them become "dog groomers." Hank has it right when he says the bailout is "not a handout for mortgagees."
Home Prices Tumble in 80 Percent of U.S. Cities (Update1) Bloomberg
Nov. 18 (Bloomberg) -- Home prices fell in four out of every five U.S. cities in the third quarter, a record spurred by distressed foreclosure sales across the country.
The median price of a U.S. home fell 9 percent from a year earlier and sales of properties with mortgages in default accounted for at least a third of all transactions, the Chicago- based National Association of Realtors said today. Prices fell in 120 U.S. metropolitan areas, rose in 28 and were unchanged in four, the biggest share of declines in data going back to 1979.