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And so this is why anyone buying a home right now


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#1 nimblebear

nimblebear

    Welcome to the Dark Side !

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Posted 23 December 2011 - 02:30 PM

http://www.zerohedge...t-4th-month-row

And 6 million more homes have yet to be released into the market, due to foolish bankers backstopped by the Fed (aka all YOUR MONEY).

I see so many properties on the market for "rural homes" and large swaths of land being characterized as "retreats". that are tracking at prices that are at least twice what they should be, if not 3 times higher than what is even close to reasonable. I don't look at anything less than 30 acres. 10 acres tracts are so freaking common, those prices will drop by more than 75% before this is over. Guaranteed !

These people who were original owners are still living in la la pre 2006 bust fairy land if they think they'll get these prices.

In fact, I'm having such fun low balling a bunch of these fools, and submitting offers less than 60% what they are asking, (so perhaps they will get a clue sooner), that I don't mind these numbskull bankers holding on to properties, in shadow inventory, because its part of the greater fool theory. These fools holding on to them for so long, makes their value go down further and further, because when they are finally released, there will be such a freaking glut on the market prices will be dropping far more than 60%.
OTIS.