Well, they probably did do just that. However, the large, institutional investors have left the area. They know the easy money on the low end has been made. The low end of the market has gone up dramatically. Some buyers who were looking at homes at the lower end of the market now see those same homes more than $100k higher today. The quick flip guys are moving on to greener pastures. Now, we are seeing what I call the mom and pop investors. They aren’t flipping so much as they are buying holding. They are renting out homes, doing quite nicely and watching their equity grow. These buyers are putting substantial amounts of cash into the purchases so they make sense on a monthly basis. This is great because we are not seeing the days when lenders had all the money invested and owners could walk away. These are much more solid owners who cannot afford to walk away without suffering a real loss.
