08-23-2007, 01:00 PM
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CC Member
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Join Date: Jan 2004
Location: Tropics as often as possible,
FL
Cobra Make, Engine: ERA #2097 -289FIA . 351W. PSE Torq Thrust 17" Ds. All Black.
Posts: 1,190
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Not Ranked
At least in this area, the Fed's low interest give aways produced 1000s of speculators. I know several school teachers who bought/moved into/sold a house every year and others who purchased 2nd, 3rd and 4th "investment" properties using the Fed's low interest cash . In fact, the VP I knew at Freddie purchased 12 houses in Oakland........a big part of the subprime mortgages gone bad are because the mortgage is now 1000s x the value of the property. We had condo's here double in price over 2 yrs. and are now on there way back to 1/2 price with full price mortgages.
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