Yet the argument I think that FLU and others were making to Core Client, was that … the base instinct that drove the purchases was one of being able to take advantage of a speculative housing market.

Ahhhh, but here’s the rub that nobody seems to bring up around here.

If buying a home in 03 to 05 to capture speculative home price increases was “taking advantage of” the market, then selling a home in 05 to 06 and renting for a few years to permanently capture those speculative home price increases is also “taking advantage of” the market and is just as wrong!!

Think about it.

(my opinion: neither is wrong in a free market economy. But if you think one is wrong, you’re pretty much backed into thinking the other is wrong too!)