And then the housing gambler Brits tried to get out of their Bulgarian investment properties as fast as they got in

RUSH FOR THE EXITS!!!

I hope to get to Bulgaria this summer to see the madness up close, and rent one of these "investment properties".

It was a Ponzi Scheme folks, pure and simple. The Brits drove the whole thing, it went worldwide, and now it's all falling apart.

Prices skyrocket when everyone wants in (sight unseen) at the same time. Well, what happens when everyone wants out? Should be fun!

The Financial Times ran a good piece on the Brits getting out of Dodge, here's all you need to know:

Bulgaria loses its allure for UK buyers

British home buyers have disappeared from Bansko, a leading Bulgarian ski resort and until recently a “hot-spot” for people seeking moderately priced holiday properties.

Mihail Chobanov, chief executive of Bulgarian Properties, one of the country’s biggest estate agencies, believes that about 50 per cent of UK investors who took a punt on the Bulgarian market four years ago are now trying to sell their properties. “Speculative buyers want to cash out and move on,” he said.

Rapid development at Bansko and Sunny Beach resulted in an over-supply of lower-priced apartments, putting a severe strain on local infrastructure. An estimated 85 per cent of UK investors bought properties off-plan without having visited Bulgaria.