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Tragically, this will be an opportunity for the already rich to become richer by swooping in on foreclosures, waiting this lull in the market out, and selling at a profit when the market picks back up.
This is going to provide an opportunity for rich folks to invest in this real estate - rent it to those who have lost their homes, and then sell at a high price when it goes back up. I can't even afford to buy a foreclosure, because you need a lot of cash down, and they don't actually sell for that much under market. It's not hard for me to watch it however - I am sorry that so many people were so blind and ignorant to get into these ludicrous loans - I also think a lot of mortgage brokers should be in jail, because of 'stated income' loans and how they encouraged borrowers to lie through their teeth about their income. I think the entire industry should never have been allowed to make such loans. Nonetheless, there was no way I was going to be stupid enough to take one of them.