Quote:
Originally Posted by nashvilleron
I think things will slow some as money is starting to tighten quite a bit from what I am hearing talking to folks in the development industry. I think the land speculation is done for a bit as well. I know of a few lots that have come down in price.....
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I was in town for the holiday and a friend told me that he knows someone who listed a flip in early October (I'm not sure of the neighborhood or price) and it hasn't had a single showing or offer.
If credit starts really tightening, or seizes up as it did in 2008, you will see people who can't finish projects. Even for flips, if a flipper's credit card shuts down his account, they're finished.
I remember back in 2008 having all of my credit cards except one proactively closed. I had no balance and I had never made a late payment, but poof, away they went.