It used to be that even if there were problems in Florida or other areas of the country, the house of mouse better known as the Walt Disney portion of the state of Florida in and around Orlando and Kissimmee were somewhat oblivious and not really dependant upon whatever else was going on in the world. People always managed to find a few thousand dollars to get the children down to Disney to enjoy a week or two of expensive fun in the sun.

Enter then the world of the economic issues and the real estate crash. Suddenly not only are people not coming to Disney, they are not going anywhere. So now we have the largest employer in the area cutting hours and jobs because there is no business and as a direct result a lot of those people have fallen into foreclosure. Couple that with the fact that a good portion of the people in Florida live here as a retirement situation so they are on a fixed income. A lot of those people have adjustable rate mortgages that are rising so they can no longer afford the mortgage and need to either get a job that is almost non-existent or let the lender repossess the home.

So what we are seeing in Florida and in the Orlando area are a lot of homes that are new or nearly new being lost to the foreclosure system or entering one form of distress or another which will ultimately end in repossession or inevitable foreclosure.

We have thus seen a lot of very nice homes lose value to the point that they are no longer something that can be kept and with the lack of employment in the area there is no way that they can be sold which crates a catch 22 situation in the market.