Wednesday, October 26, 2005

Madness has taken over DC's real estate market

An article Wednesday's Post describes the extreme methods that twenty-somethings are taking to buy homes in DC. We're talking about interest-only and/or balloon mortgages, borrowing against retirement accounts, and misleading lenders. These buyers are betting on the price of their homes increasing and being able to sell before the mortgage becomes unmanageable. However, what they're doing is buying at the top of the market. It's the opposite of 'buy low, sell high'. Incredible.

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