The real villains here, the truly bad seeds at the heart of this crisis, have gone unpunished thus far and are still in operation. They are Jeff Lewis and Ryan Brown of Bravo's Flipping Out, Armando and Veronica Montelongo of TLC's Flip This House, Kristen Kemp of TLC's The Property Ladder, Kendra Todd of HGTV's My House Is Worth WHAT?, and the TLC, Bravo, HGTV, and Fine Living networks in general. All of them encouraged people to take out massive loans in order to buy and
renovate homes and sell them at a profit when, really, most people have terrible taste, and furthermore, are bad at laying tile. These shows are still on! WHY?
Monday, February 9, 2009
TV shows caused the real estate bubble?
Here's a new one - TV shows caused the real estate bubble:
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So.... under sane economic conditions, run down houses should NOT become more valuable when repaired and upgraded? I don't even get what they're suggesting here. Property flipping isn't any different than any other business where you buy something that needs work, do the work required, and then sell it at a profit to someone who would rather not bother.
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