Before the great real estate meltdown of 2008 there was the great real estate bubble. The bubble burst because of the greed of a few and it totally screwed over the need of many. The greed of a few inflated properties. Housing prices soared and went through the roof. And then the bubble burst. The carnage of the American homeowner was not a pretty sight to behold. It was a heartbreaking sight. People lost their homes and the landscape of empty foreclosed on suburbs stretched from shore to shore. Housing prices plummeted and many families ended up in apartments ( which now saw their rents double and triple because of supply and demand ), with relatives or homeless.
And now the damned speculators are back. I HATE them. I should not wish them in hell and yet they have created hell for the America dream. Their greed is making it so the average middle class family can not afford to buy a home. Here is how it works. A speculator buys a house. Sometimes they put in a few bells and whistles, a few cosmetic repairs. But they aren't interested in fixing any foundation issues, any plumbing or wiring. Naw… they want to make a quick buck. So they "flip" the house. You can spot them on Zillow. Look for last sold. Ok, so maybe it was sold last 20 years ago. That is not a speculator. But the ones sold 2 months ago sure as heck are. They jack up the price and then sit like a fat little toad to see if they can grab a sucker to help fund their greed.
Speculators who ruined our economy? They're back… Damn, I HATE speculators.
Friday, August 22, 2014
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