Bears Win, Bulls Win

Pigs lose. Hard to sympathize with these folks. AP (04.29.07):

"In the rampant real estate speculation of the Las Vegas valley three years ago, people lined up outside Pulte Homes sales offices overnight as if they were waiting for the release of the latest video game console or hot new movie.

Having seen his house in an upscale part of suburban Henderson, Nev. jump $200,000 in value in 18 months, Sam Schwartz felt he couldn't miss any part of the boom."

Flippers Flop As Housing Market Cools

"He spent the night in the parking lot with TV, snacks and drinks, along with about a hundred other people."

Sam was looking to buy the property and flip it "for a huge profit." He and his spouse put five grand down "on a home that would end up costing $560,000 with upgrades."

Then the bubble burst. Between the time they signed the purchase agreement and the closing date, the property's valued dropped $70,000.

Sam and spouse were very, very lucky. A "legal technicality" allowed them to cancel before closing, and get their deposit back. Sam said they'd "'narrowly escaped financial disaster.'"

The ironic twist to this is that Sam is a "life coach". You'd think he would have thought twice about investing in a scheme that could have ruined his life.