I just got finished writing a whole thing about that to one of my email
This is why I do not want to buy a house now. Nobody can convince me that
the same thing will not happen, that I saw happen in Maryland and then in
Toronto, in the early 90's.
Flippers are the worst. They basically buy a decrepit sick pig for $10,
slap soome cheap lipstick on it, and then try to sell it for several times
what they paid for it. Meanwhile, there are a lot of people - pig brokers,
pig-purchase loan offices, pig-resale lawyers, pig-reappraisal specialist,
pig-tax collectors, and so on, and on, and on, who are making wads of fast
cash because they can convince the not-too-bright 85% of the population
that pigs make great investments because, no matter how sick the pig gets,
you can always sell it for more.
The trick is to not be the last one holding the pig-bag when the pig dies
and rots away.
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