168 bids on one property in DC

Submitted by CA renter on December 21, 2012 - 7:28pm.

1. Historically low, artificially suppressed interest rates? Check!

2. Artificially low inventory (because lenders can't foreclose, deadbeats are squatting for YEARS without making a mortgage payment, and the few foreclosures that do happen are being sold off in bulk behind closed doors)? Check!

3. Investors, desperate for yield, buying up huge portions of whatever little inventory is available...in the hopes of renting for the short-medium term and/or selling it to some sucker down the road for a higher price? Check!

4. Multiple bids from desperate buyers who think this is the bottom? Check!

But...nobody could see it coming! (right?)

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