Dearborn, Michigan has the highest rate of foreclosure in the US. If you actually read the article to the end you will read about Dave Ehrlichmann. He buys houses for cheap and then flips them for a profit. People who add little value to the world - lawyers, real estate agents- make a lot of money. They create nothing, just pass money around, but make a lot of money.
I remember hearing on NPR a while back that 1/3 of the price of oil is due to speculation.
" One of the main factors receiving little attention in the current “crises” stems from how markets work, specifically how speculation affects prices. While speculation is often passed off as an economic law, there is plenty of evidence of direct manipulation."
I would guess to that flipping houses can increase the cost of houses. Funny, Dave's last name means
"honest man."
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