Tuesday, October 2, 2007

US Greedy Flat Buyers Come A Cropper…

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"I wanted to follow the American Dream," she says. "I wanted to be an entrepreneur and make some money". Shame. "The mention of speculators spurs a flurry of cliches by industry experts: there's no free lunch, trees don't grow to the sky, not having a place to sit down when the music stops." Couldn't put it better myself. Andrea Wolkenberg, 50, director of "pain management" might have even more pain to manage soon ;-)

Posted by mikeyp @ 04:06 PM (701 views)
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4 thoughts on “US Greedy Flat Buyers Come A Cropper…

  • “Nobody was saying ‘hey, the speculators were bad’ on the way up, when people were selling their homes and making lots more money.”

    There speaks a man who never visited housepricecrash.co.uk!!!! Some people really should educate themselves before making such idiotic statements.

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  • A man bought some fish on the quay, boxed it and sold it to a fish trader for a 10% mark-up.

    The fish trader sold the package to a wholesaler at 20% mark-up.

    The wholesaler sold the deal to a retailer for 30% mark-up

    The retailer held it for a few days and sold the investment to a punter for 15% mark-up.

    The punter opened the box and found it was full of rotten fish.

    I was taught this on the first afternoon after accountancy enrollment in London’s east end…. !

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  • dohousescrashinthewoods says:

    Capitalism: reward and… risk.
    Some you lose. What doesn’t kill you makes you a bit sharper next time.

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  • “Speculators who bought multiple homes like Zenie were once a boon to the U.S. economy when they pushed home prices to record levels over a five-year period.” I fail to understand how record level house prices are a boom to any economy. The biggest myth of modern times.

    Record house prices just encourage consumers to take on more debt. “House prices are notional, but debt is real” (Merve the Swerve, 2007).

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