in-florida-vestiges-of-the-boom.html: Personal Finance News from Yahoo! Finance
Florida is riddled with symbols of a building bust of unprecedented proportions. The half finished condominium projects throughout South Florida speak to the crazed speculation that fueled the development. The chips are now falling as the FDIC came calling on Friday and took over Corus bank of Chicago, a significant accelerant to the raging fire of construction. The fear is real that this is the beginning of a second wave of failures, this time in commercial properties. When the second shoe drops, will the government have the resources to contain the virus? Click on the link above to read more about this impending problem.
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I think that just like in Roosevelt's new deal, government interference should be encouraged in order to prevent another collapse in the market. with residential and commercial crashes would cripple this country's economic capabilities.
ReplyDeleteShane Chernoff
This article shows the epitomy of the reason why the housing market went intoa nose dive as of 2006. Big real estate companies invested in large over-priced projects that were impractical and unneeded. These big real estate companies took too big of risks in search of a quick buck without thinking about the impact that a failed project would have on the U.S. infrastructure. This continual loss of money turned into a blackhole of real estate, eating into the Corus reserve funds and eventually into federal funds. Proper regulations were not in effect; therefore, the company and florida residents are paying for it.
ReplyDelete-Chris Lee
Corus is a crook! Corus conducted buisness in the wrong fassion. The buisness was much to risky, and had all of its loans tied up in risky condo realestate. He ruined a once family buisness by turning it into a power house which tanked and cost Floridians alot of money.
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