I'm in Florida and ran into a friend of mine yesterday who is a mortgage broker. We've owned our home for years, so I'm not "up" on what mortgage payments are, but I do know that insurance and taxes are killing people.
He told me the "low end average" of a mortgage payment in our county is $1500-1700 per month (this includes mortgage, taxes and insurance)...I don't know how the young people are affording that, no wonder they're squeezed financially.
My mom and dad paid off their house last year. The insurance and tax bill they have to pay now are more then their total mortgage payment was at the start of the loan. This has to be affecting the economy.