Other investors, of course! Just like on the way up. It will be an ugly circle.
Buy property, mark up, put back on the market. Another investor buys, marks up, back on the market. The difference this time is that there isn’t much room for prices to keep going up in a declining market, without liar loans and foreclosure sales keeping the area comps low.
The guys “first in” might do well, but the second/third wave is gonna get hurt.
