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Just at the peak of the bubble I remember there was a new product introduced specifically to immigrants (even with no proven residency status) who didn't even have a credit rating. And you are right - Wall Street, including pools of rich investors, are buying up properties to flip them because they made some money doing that at the bottom of the market in Las Vegas and Miami when banks were dumping properties at below market prices. It doesn't seem like the uptick in housing prices we are now seeing is anything more than a dead cat bounce. One thing I am hearing from people in construction is that the flippers want only cosmetic work done and want to be out in 45 days at the most. This is certainly not going to promote neighborhood stability. Another thing I am seeing is that the banks are reaching again for poor credit risks, not just in housing loans, but auto loans and student loans. We are back a bit to 2006. Did you notice General Motors repurchased GMAC? Talk about deja vu all over again.