Reason #446 why there should be no bailout - yes, some innocents got caught up in this mess, but it was speculators, fraudsters and gamblers who gamed the system, caused the housing bubble, and if they didn't get out soon enough, got burned.
Thanks J for the link.
Making a quick buck in real estate - In a hot housing market, some youngsters cash in
CNBC May 21, 2005
WASHINGTON - Chris Schartiger, a twenty-something in Washington, D.C., recently made $10,000 in six days — maybe not in paper money, but definitely on paper.
He put down $5,000 for a condo in the D.C. area and a week later an identical one sold for over $15,000.
“For me, it was a no-brainer to go into real estate with the housing market as hot as it has been recently,” Schartiger said. “People are making 20 to 25 percent easily, so even if we make 10 percent, or 6 percent, that’s better than the market’s doing recently.”
Schartiger may sound like a professional real estate investor, but he is in fact a 25-year-old investor and one of a growing group of young real estate speculators buying condos, often before they are built, and using them to turn a fast profit.