4 ms·

It was similar in the UK. House flippers fuelled the bubble. Eventually, it got so big, that even the common man on a reasonable salary was struggling to afford

by osrec 9y ago

It was similar in the UK. House flippers fuelled the bubble. Eventually, it got so big, that even the common man on a reasonable salary was struggling to afford a home. Mortgages still got approved, and sure, people with lower incomes would be the first to default, but they were clearly not the cause.

mmerlin 9y ago
That sounds like Sydney and Melbourne nowadays
rusk 9y ago
+1 Irish experience as well. It was people with 2nd and 3rd houses that all defaulted. People with homes will usually do whatever it takes to pay them off.