The real impact of foreclosures

When I was on a trip to Florida last month, I stumbled on an awesome sight: The Ritchie Brothers’ auction facility on I-4 near Orlando. There basking in the warm sun was so much repossessed building equipment awaiting auction that it literally stretched as far as the eye can see:

The idea that Florida real estate is in the dumper isn’t really news anymore, but when you see the physical effects of the slump it brings it home more dramatically than bar charts and statistics can.

And it got me thinking: if Florida is this bad off, can we really expect a quick turnaround for this area? I think not, and that bankruptcies in Haverhill or Methuen or Salem or Lawrence will be with us for quite a while as well. Financial messes that took time to make are not going to just evaporate in the bright sunshine!

 

By Doug Beaton

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