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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (36924)	7/25/2005 2:57:41 PM
From: russwinter	Read Replies (2) \| Respond to of 110194

<Everything was sold out yet few of all those vacant units in MLS for rent or sale.> Think we all need to define what "sold" means. Sold is not the same as "closed" is it? I don't use the term that way at any rate. Sold means under contract, or having a purchase and sale agreement, or pending, nothing more. I'm more interested in closings now. In fact when I was in land development in the mid-90's one of my specialities was to get a land parcel under contract, stick in a bunch of delay clauses, get surveys and land work done, land use issues cleaned up, do some pre-purchase work, and flip it to housing developers. I would have to say that I was both a shrewd buyer of land, and added value to the process (I have an MA in Urban Development). This getting new construction under contract for flipping purposes is a completely different animal from what I did, in fact I'm clueless in this environment. Do these preconstruction flippers actually hold title, or just contracts, HUGE difference?