Monday, April 19, 2010

A Generation of Wealth Lost

As someone who knows a bit about the Florida real estate market from my time in the Sunshine state, the article titled A Generation of Wealth Lost by Zach Fox is a sobering reminder of exactly how bad the real estate situation is in that state. I remember in Orlando back in 2007, looking at the amazing number of houses for sale for a million and two million dollars, and knowing the wage scale in the state, I found myself wondering who truly could qualify for all those multi-million dollar homes.

As someone who thinks about entrepreneurship, it’s also important to recognize how what happened in Florida, also impacted entrepreneurs in the real estate industry in Arizona, California and Nevada. To my knowledge, I’ve never seen a comprehensive study/report that describes the impact that the bust had on entrepreneurs; both those in that industry, as well as those in other industries but who used their building, manufacturing facility, offices, etc as collateral on bank loans. It would be interesting, but a bit depressing to read.

No comments:

Post a Comment