Monday, December 17, 2007
I surely don't feel sorry for these investors
The cover article in Sunday's Chronicle about investors losing homes to foreclosure reads like a poor attempt by its authors aimed at sympathy for these so-called "investors." We will be having none of that around here. These people thought the market could never go down and it didn't matter if rents could not cover their holding costs - they would more than make up for it with continued insane appreciation!
For those of us who did get out in time, we can actually thank some of these investors for helping accelerate the run-up in prices. So to those of you who helped to increase my capital gains, I thank you now.
These numbers are only beginning to materialize here in the Bay Area and it is a matter of time before pre-foreclosure, short sale and finally, foreclosure listings, are everywhere. San Francisco seems to be the last place that is holding up and very well might do better than most in coming years, but it isn't "insulated" as many like to suggest.