Florida housing, real estate meltdown

Take a look at this NY Times article on how real estate boom in Florida, now gone sour, has left families in a situation where they see housing market in Florida rising rapidly and deteriorating rapidly, losing value.

"Families seemingly disconnected from real estate bust are finding themselves sucked into its orbit, as neighbors lose their homes and the economy absorbs the strains of so much paper wealth wiped out so swiftly.

"Southwestern Florida is in the midst of this gathering storm. It was here that housing prices multiplied first and most exuberantly, and here that the deterioration has unfolded most rapidly. As troubles spill from real estate and construction into other areas of life, this region offers what may be a foretaste of the economic pain awaiting other parts of the country." - Via Nationalbubble.com