Quote:
Originally Posted by firstdown
Back in that market it was very common for the condos or homes to be sold before they were even built. My buddy purchased a home and the contractor took 1 1/2 years to build the house. The market was going crazy and now this home he purchased for 280,000 was now selling for 420,000. He never moved into the house and sold it the same day he colsed on the house and he purchased another home.
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Nice move, but greed caused some people to try that with let's say 5 condos. The lax oversight and subprime loans made the perfect environment so people could do this. Ii know fools who were declaring themsleves millionaires over night. Everybody was getting in the game and it became saturated. When the wheels started coming off those who took the high risk high reward route teeter tottered the damn country.
04-16-2010, 07:05 PM
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