Once and Future Florida
Feb 2, 2011
This is a picture of a real estate bubble. There have been land bubbles in Florida since forever; what we're looking at here is just the bubble du jour, a subdivision near Fort Myers, on the Gulf Coast, where the developer put in the roads and the "lake" and the cul de sacs and managed to build two houses complete with swimming pools before it was all over.
I read today that 11 per cent of the housing units in the United States are currently unoccupied. So it's really over. For a while.