Friday, March 20, 2009

The S.S. Foreclosure

If you are interested in what's happening in "The Foreclosure Capital of America" (Lee County, FL), this video is worth watching. It's even worth waiting for the 30-second commercial to end (if one appears).


It all rings true... especially today, two days after the Fed printed $1,000,000,000,000.00... real estate suddenly looks like a, well, real investment.

No, wait, they didn't actually print money, they loaned it to themselves. No, wait, they effectively dropped the interest rate by 1 full percentage point.

No... it's called a "balance sheet expansion", now I feel better.

Seriously, this video rings true because I have studied the Cape Coral real estate market for the past four years, up through the bubble and down through the bursting... and it doesn't contradict anything I have learned.

Except for the part about the current buyers being speculators just like before... bubble speculators didn't have cash, they didn't put ANY money down, today cash is king.

And yes, the guy running the boat tours is a clown, a hustler, that's not the point.
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3 comments:

  1. MikeMarch 20, 2009 at 4:43 PM

    I have cousins that live in Florida. What you never hear about is the bugs. Lots and lots of bugs.

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  2. Breck CarterMarch 20, 2009 at 5:40 PM

    Out on the flats or in the glades, I guess, or some other part of the state I don't know anything about... I've spent time in Miami (no bugs) and have a house in Cape Coral (no bugs)... well, of course there *are* bugs around but they are under control by http://www.lcmcd.org/ and regular treatment of houses is a fact of life in the south. Bugs at my cottage in Ontario were 1000 times worse.

    What you "never hear about in Kansas" is the tornadoes every day... what you "never hear about in New York City" is everyone getting shot... what you "never hear about in Los Angeles" are the wildfires wiping out everyone's houses... same tall tales :)

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  3. AnonymousJune 11, 2009 at 4:50 AM

    Hi,

    We have just added your latest post "Center Console: The S.S. Foreclosure" to our Directory of Foreclosure . You can check the inclusion of the post here . We are delighted to invite you to submit all your future posts to the directory and get a huge base of visitors to your website.


    Warm Regards

    Foreclosu-re.info Team

    http://www.foreclosu-re.info

    ReplyDelete

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