NEW YORK (Reuters) – Sherrill Zenie said all she wanted was a piece of the American Dream, but what she got was “a kick in the rear.”
Zenie is one of a legion of a relatively new type of homeowner, a “flipper,” who sought fast money by rapidly buying and selling homes to capture a profit on each as prices soared.
Speculators who bought multiple homes like Zenie were once a boon to the U.S. economy when they pushed home prices to record levels over a five-year period. Now their unsold homes are the bane of a sickly housing market.
Many are stuck with unoccupied properties they cannot sell and mortgages that are ….