The New York Times ran a story on Sunday (2/08/09) about the pains of foreclosures in the exurbs of Florida (and other spots) in advance of Obama's visit to Fort Myers this Tuesday to promote his economic stimulus plan.
"Signs of trouble were ignored. “Sometimes houses would sell three or four times in a few months, and no one would move in,” Mr. Elliott said. Then in 2007, it all went quiet. Houses stopped selling. Foreclosures multiplied. The median home price in the Fort Myers area dropped to $215,200 in December 2007, from a peak of $322,300 in December 2005. It had fallen to $106,900 two months ago."
We see similar struggles every day. To read the entire story, go to http://tinyurl.com/cr7ebd.
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