There is a great article on the AP wire today on the morning after hangover hitting "house flippers" in Clark County (Las Vegas). The article is at:
http://www.marketwatch.com/news/story/flippers-flop-hot-housing-markets/story.aspx?guid=%7B81EB525B%2D96A0%2D429D%2D952C%2D637EF1C6717E%7D
I am not one to get pleasure from others suffering but these people should have seen this coming. After all, many of us in the Value Investing genre in the blogosphere saw the signs of this housing bubble brewing. Many think that the housing market will turn up in 2008, but I think a multi year work out will be necessary.
Thursday, April 26, 2007
The Anguish of the Flipper
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2 comments:
My 2 cents, as a REI, there's always been two types of flipping: retail and wholesale. The retail flippers used to buy high (retail) and then sell higher. They are the ones getting burned.
The wholesalers buy at 60 cents on the dollar and are still flipping today.
I agree with your comments, it seems tha it will be a field day for the wholesalers the next year or two. I like your blog by the way.
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