With the exception of the occasional knife-catcher, these potential buyers simply do not buy. They are not buying with fantasies of appreciation. For them, the cost of ownership must be less than prevailing rent for them to make a return on their equity investment. [...] They just know they are saving money over renting, and that is good enough for them. Since it is foolish to buy with the expectation of appreciation in a declining market, the buyers who were frantically bidding up the values of properties in the rally are notably absent from the market.
Costa Rica Private Investigator

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