George, if I recall the data I think about half of those residential properties were investment purchases, and also the majority of them were less than 10% underwater.
You could be right. I saw the graphic on Tv at the tail end of a news report. It still is not good. Florida won't bounce back for decades in my opinion. If you take a boat ride past Miami you would swear you were looking at the remnants of a great war.
Hey George which direction are you going in your boat ride, north or south? My wife and I paid our house off last year and I thought that was a good thing at the time but now I am not so sure. The nice subdivision we live in outside a small central Florida town has become more rentals than home ownership and it shows in how the area is starting to look...Pretty damn rough.... Ralph
Ralph, I have a place in Hobe Sound which is on the east coast just north of Jupiter. Last May we took off in my FIL's boat south to the Keys for some tarpon fishing. From Lauderdale all the way through Miami we looked at what seemed like hundreds of beachfront condo high rises either finished and empty or abandoned in mid-construction. Some were stopped in mid-floor. It looked like a scene from the movie "I Am Legend". The economy has devasted south Florida real estate.