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August 30, 2007
Everyone Was Flipping Florida Homes That Year
From a WSJ article on the bath many real estate "investors" are taking on California, Nevada, and Florida condos and homes:Sazzad Khandakar, 43 years old, an information-technology manager and father of three in Monroe Township, N.J., is among the nation's distressed home investors. In early 2005, he bought a $410,000 condominium and a $390,000 newly built single-family home, both in Orlando, Fla. "Everybody around me bought an investment home in Florida," Mr. Khandakar said. "Florida was all over the news; my friends were doing it....I didn't want to miss out."While I'm generally in favor of the Fed loosening, there are some people you just don't want to see bailed out by lower rates.
[via WSJ]
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Unfortunately a bailout is inevitable because neither party wants to look uncaring about Americans losing homes. And the banker's lobby pumps a lot of money into campaigns.
Hopefully any bailout is limited to primary residences and the mortgage size is capped.
homeowners don't have Enough advantages in the USA. let's make it a completel risk free endeavor.
Then Bush should also help bail out those that went into bankruptcy due to loss of jobs and help especially those that lost their homes due to medical bills that sent them into bankruptcy. Not the ones that bought for flips and vacation homes. It was a gamble and a risk, just like the stock market, getting in at the wrong time. Those that got these no-doc loans and those that lent them these types of loans should not get bailed out. There are those less fortunate that never got a break, and a bad investment strategy should? Oh please.
It would be interesting to see what you think of the bailout Bush announced tonight...