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Thread: House flippers triggered the US housing market crash

  1. #41
    New Member Pureinheart's Avatar
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    Quote Originally Posted by syrenn View Post
    in my opinion.... bottom line it is still on the borrower. Its no different then borrowing money for a car... cant make the payments and your car gets repossessed.
    Your post makes too much sense... not too many will get it...

  2. #42
    Bizarroland Observer Thx1138's Avatar
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    I never considered the idea that house flippers were responsible for the market crash, but I did know what was going to happen to those houses..

    Once the market bottoms-out... the rich come along and snap them up by the dozen, that was easy to see coming, but I didn't hear it mentioned even once in the MSM.

    I wonder how many "homeowners" ended up coming back and renting the same house they used to own?

    Thx
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  3. #43
    Senior Member Loki's Avatar
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    Add into this thread ought to be the fact institutions are buying homes to rent. Thousands, they rent and trade on stock exchange.
    Thanks from bajisima

  4. #44
    A Blue Dog Jets Fan Jets's Avatar
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    Quote Originally Posted by syrenn View Post
    in my opinion.... bottom line it is still on the borrower. Its no different then borrowing money for a car... cant make the payments and your car gets repossessed.
    Let the buyer beware...

  5. #45
    Veteran Member bmanmcfly's Avatar
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    Quote Originally Posted by Thx1138 View Post
    I never considered the idea that house flippers were responsible for the market crash, but I did know what was going to happen to those houses..

    Once the market bottoms-out... the rich come along and snap them up by the dozen, that was easy to see coming, but I didn't hear it mentioned even once in the MSM.

    I wonder how many "homeowners" ended up coming back and renting the same house they used to own?

    Thx opcorn:
    You just uncovered the secret of the megawealth (the 0.001%), is to crash markets via influence and then buy them up for a fraction.
    Thanks from Thx1138

  6. #46
    No mercy for losers Addiction Solitaire Champion, Double Deuce Champion, Queen Jewels Champion, Ray Ray Shuffle Champion, Twins Champion, Blow Up: Arcade Champion, Bunch - Time Trial Champion, Znax Champion, Zoo Keeper Champion, Sobics School Champion, Swap a Smiley Champion, Makos Champion, Dino Drop Champion, Flower Frenzy Champion, Some Puzzle Champion, Funny Bubbles Champion, CubeZ Champion, Dinky Smash Champion, Fun Fun Animals Champion, Fruit Fabriek Champion, Raft Wars Champion, Rainbow Monkey RunDown Champion, Raft Wars Champion, Crime Puzzle Champion Blueneck's Avatar
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    Quote Originally Posted by bajisima View Post
    Of course. But we have bigger structural problems that aren't being addressed either. New generation rising that isn't interested in the sprawling suburban manse. Tiny house type phenomenon, community living making a comeback in some areas. Have to think we are going to see a bunch of suburban homes coming on the market in the next decade and few buyers. Unless the coasts flood who is going to live in these areas?
    Perhaps banks and mortgage companies will learn to pass on homes that are clearly overpriced?

  7. #47
    No mercy for losers Addiction Solitaire Champion, Double Deuce Champion, Queen Jewels Champion, Ray Ray Shuffle Champion, Twins Champion, Blow Up: Arcade Champion, Bunch - Time Trial Champion, Znax Champion, Zoo Keeper Champion, Sobics School Champion, Swap a Smiley Champion, Makos Champion, Dino Drop Champion, Flower Frenzy Champion, Some Puzzle Champion, Funny Bubbles Champion, CubeZ Champion, Dinky Smash Champion, Fun Fun Animals Champion, Fruit Fabriek Champion, Raft Wars Champion, Rainbow Monkey RunDown Champion, Raft Wars Champion, Crime Puzzle Champion Blueneck's Avatar
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    Quote Originally Posted by syrenn View Post
    in my opinion.... bottom line it is still on the borrower. Its no different then borrowing money for a car... cant make the payments and your car gets repossessed.
    Made the lenders should stop expecting the taxpayers to view them as victims, too. No more bailouts!
    Thanks from Thx1138

  8. #48
    Mad Genius For Hire Puzzling Evidence's Avatar
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    Deregulation of finantual institutions was directly responsible for the houseing bubble. Bill Clinton signed it, House Republicans were the ones who were pushing for it. The banks were the ones who spent record amounts of capital in order to convince people that it was a good idea.

    In the end, banks foreclosed on properties out of pure greed and it backfired. But there was a lot of blame to go around.
    Thanks from labrea and Monk-Eye

  9. #49
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    Quote Originally Posted by Neomalthusian View Post
    To me, the bold calls into question that problems can be pinned exclusively on profit-seekers. People are out there wanting to pay these inflated prices. Maybe they're stupid or irrational, but even so, if the people are out there wanting and willing to pay the asking price, the prices are going to be supported at that level. The deeper question is why are they willing to pay it if it's a ripoff, and are bad lending requirements coupled with weak mortgage securitization regulation artificially pumping demand at these inflated price levels?
    One doesn't know when the bubble will burst, or where prices will land when it happens. In the mean time, they need a place to live.

    People need places to live. They can rent, or buy. When prices are rapidly rising, buying is a way to freeze the cost of housing.

  10. #50
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    Quote Originally Posted by pragmatic View Post
    Am thinking the whole crash disaster was a lot more complex than stating "oh these guys were the cause".


    Mortgage backed securities (MBSs), such as collateralized debt obligations (CDOs) were pretty big players in the mess. For that there should have been some prison terms for the management in the Rating Agencies.
    There were a lot of parts to this. Dismissing loan defaults from poorer people is also BS. Lenders allowing such loans , NINJA come to mind? Wallstreet playing free and loose with mortgages added the rocket fuel to the disaster.

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