Florida Land Bust

The highly leveraged housing markets went bust once the cheap credit stopped.

A long time friend was recapping a tough year in which he had to sell four homes in his deceased parents' estate in Florida now. Homes purchased for $52,000 in 1972 were appraised at $32,000, with the explanation that over 50% of all homes in Florida were in foreclosure now. That's a land bust.

Peace to you and all,
Steve