I thought I understood what was going on in Florida.....

I was fortunate enough to escape to Florida last month and realized even though I thought I understood what had happened to the real estate market there, I really didn't understand just how much the market had changed since I owned a home there in 2005.

I was in the Fort Myers area which evidently is one of the highest foreclosure areas in the country. It was difficult to find a condo that was for sale that wasn't a short sale or a foreclosure. Prices appeared to be about 1/2 of what they were 4 years ago and there were countless condo deals where the original pre-construction buyers had just walked away from their deposits and the fees they had paid for upgrades.

In many cases, it's not even possible to get a loan on a condo in that area. Especially if they're not 51% built-out. This has had far-reaching effects on the economy in that area. The construction industry was major and it's clearly suffering.

I really hope the new stimulus package ends up with more incentives to boost the housing industry.

Debra Ford