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Profiteering from our neighbours' misery aside, there is an obvious flaw in this hype. If you buy a house for $35K, you own a $35K house. That is, unless you can magically transport the house to a better market, or magically fix the local economy. The banks may be pricing to sell, but these foreclosure sales weigh down the rest of the market.
The big irony to me, though, is that using real estate as a get rick quick scheme is what put the American economy in the toilet to begin with. I don't think we really need that kind of speculation fever up here—particularly when it concerns the very same properties that ruined the lives of so many economically ambitious Americans.