Reply to "Engine out"

It's not just Cape Coral, other areas and in particular Nevada (Las Vegas and Reno) are suffering badly, house values are down 50% and no interest mortgages are at the end of their incentive period. You gotta pay interest at some point right? Some people are losing their homes as they now cannot afford them, other people just walking away not wanting to pay for house that's worth less than the loan.

A lot of it simply stems from fiscal irresponsibility from both individuals and the banks.... people borrowed way more than they could afford based on the fact house prices (equity) would keep rising and banks were all too happy to lend it if you had a pulse.

It's compounded by the fact people who had good equity often pulled money out their house and bought RV's, ATV's and other such toys...

Everyone wants to blame someone else rather than take responsibiltiy for their own actions.

Now the rest of us are suffering and will continue to for many years to come.... I guess that's wealth redistribution.

Julian