There have been three units in our condo for sale for about the past 3 years, two of which were empty most of that time. Why the empty ones weren't rented is beyond me, but I don't know the depths of flipping property. A couple of the folks who got booted by the bank deserved every bit of misery it brought them, but didn't last. One went on to take out a 1.5m mortgage and defaulted in that. Still owns his waterfront home at another location. Another loser inherited his unit but hasn't always had visible means of support. Had lien after lien and finally moved in with his parents :o)
These are price histories for some: A. 105k in 1988, 105k in 1999, 350k in 2007, 171k 2010 B. 137k in 1987, 315k in 2004, 377k in 2004, 442k in 2005 C. 125k in 1983, 180k in 2003, 286k in 2004, 167k in 2010 D. 126k in 1992, 161k in 2008, 165k in 2010
What is amazing to me is that the guy who bought for 350k and sold for
171 never seemed distressed at the slow market .. must have some money in the bank :o)