Well I guess we just agree to disagree. However there are flippers out there, alot of them. They are purchasing homes at trustee sale and reselling them. Personally I see nothing wrong with what they are doing. As for what has happened in the past, I guess I do not distinguish from flippers, speculators, people who could not afford a home but were qualified for them, or even the people who can afford a home and are choosing to walk away.
The biggest problem as we both agree was incompetence in the underwriting process, lending guidelines, fraudulent ratings of the securitized instruments, on and on we go right? To pick out speculation and flipping as a component of the equation, that if removed, would have prevented this situation, is just not an opinion I share. However it is only an opinion and I don’t have raw data to sift through to see what fraction are speculation or not. Off the top of my head I would be willing to bet ya a dime that there were just as many dodo homeowners that ATMd there home as there were speculators. No statistics but just a guess.
Anyways I see lots and lots of people at trustee sales making money… I believe it is only a temporary thing but it is happening. Also I see alot of investment clubs and syndicates taking investors and pooling money, buying homes and making money. What about someone like Ramsey Su? He is an investor.
I guess I do not view the flippers as any more of a scourge then all of the other suspects.
