We’re not in a recession. We’re in a depression.
– Bobby Mahan, a local real estate broker
Two years ago, Peter Goodman wrote an award winning piece on the real estate bust in Cape Coral, FL: “This Is The Sound Of A Bubble Bursting”, Peter Goodman, The New York Times, December 23, 2007. A cut out of that artice sits on the desk in my room at my father’s house. I pick it up and glance at it almost everytime I visit.
On Sunday, he wrote a follow up piece, revisiting Cape Coral two years later: “Real Estate in Cape Coral Is Far From a Recovery”, Peter Goodman, The New York Times, January 3, BU1. His account of the complete mess the bust has caused in that community is astounding. Conditions there seem almost inhuman.