It’s hard to believe it, but the housing bubble has not finished bursting.
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.
Just witness the failure of the HAMP program and Fannie Mae’s desperation. Everyone is trying to return to a past that was unsustainable.