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It sucks for people like me that bought several months ago but I have zero sympathy for asshole investors that buy houses and flip them for profit. They increased demand and therefore, prices while people like me are doing all we can to get into houses. Capital gains taxes should be MUCH higher for real estate purchases and extend for a period of at least 5 years (I'm not sure how long they go for).
There are plenty of ways to make money out there that people shouldn't have to mess with others' ability to buy a house. That is the net result of things, first time buyers get screwed.
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