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Housing Math: Bottom Seekers + Neglect = Repetitive Foreclosures

Posted on June 05, 2009

The bottom will come. I guarantee it. When it does, few will want to buy. In the meantime knife catching is fraught with danger as flippers get washed out one by one.Wash, Rinse, Repeat Please consider the following from MG who writes:Mish,I am familiar with the house at 755 Eames Way in zipcode 02050 because it is just up the road from me. It's currently in its 3rd foreclosure since January of 2007. The family that purchased it in June of 2005 ($635k 95%LTV) bailed in December of 2006.A group of realtors came in and bought the home from $544,500 with the intent for a quick flip. That fai...

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foreclosures , housing