Realtors say that all Real Estate is local. I say that from 2001 to 2006 we had a National Real Estate Bubble and we are now having a National Real Estate Crash. It goes beyond California, Florida, Nevada, and Arizona. The Midwest is also suffering.
The Columbus Dispatch has an interesting piece on the housing crash.
DETROIT — Michigan and Ohio share something with Florida and California: some of the nation’s highest rates of foreclosed homes and delinquent mortgages. But the reasons for their woes are as different as their climates.
Battered by a declining manufacturing base, stagnant population growth and low demand for housing, Michigan and Ohio rank Nos. 1 and 2 on mortgage finance company Fannie Mae’s list of states with the largest credit losses through the third quarter, which ended Sept. 30. - Via Nationalbubble.com
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