Want to see what happens when the speculator roaches flee? Foreclosures everywhere, destroyed comps, unsaleable supply, collapsed demand, and you got it - finally, plummeting prices and a rush for the exits.
It's just the way the world works. Even if the corrupt NAR and stupid realtor bloggers want to tell you otherwise.
"Information provided to the MBA from a variety of sources indicates that the foreclosures in Florida, Nevada, California, and Arizona are heavily influenced by speculators who are walking away from properties now that home prices have started to fall in areas of those states and they face resets in the adjustable-rate mortgages they took out for these homes," the trade group said.
