Four years after the collapse of the U.S. housing bubble, flipping homes is back in fashion.
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The minimum bid, as set by a unit of Citigroup Inc., which had a $1.3 million mortgage on the home, was $379,900. After several minutes of bidding among investors and their representatives, some wearing shorts and flip-flops, Mr. Mirmelli won the home for $486,300. A week later, he agreed to sell it for $690,000 to a woman who moved in this month.
After all these years, and all that heartbreak, people are still trying to get back to 2006.
There are a number of reasons to worry about the current housing market. The housing affordability rate actually got worse last year despite collapsing home prices. Home mortgage obligations are still historically high.
(Bloomberg) -- The crash in U.S. home prices will probably resume because about 7 million properties that are likely to be seized by lenders have yet to hit the market, Amherst Securities Group LP analysts said.
The title is a quote from Roubini, economist. I love it, yup, that's right, workers get corporate machinations from hell (often called free trade) while the super rich and institutions get socialism!
They note so far his predictions about the financial crisis (when most were singing a happy tune) have been dead on accurate, so they interview Roubini for further predictions.
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