“I can’t believe that anyone ever paid 350 for one of those units!”
Well… if a bank gave you the $350K to buy it, with zero down, no income, no job, no assets, no credit history, etc., and a manageable monthly payment (b/c of a teaser interest rate good for the first 2 years), why wouldn’t you buy?
If prices go up, you sell and make a profit with zero down (virtual infinite ROI). If house prices fall, you simply walk away with only a ding to your credit history (which probably wasn’t that good t begin with).
