[Neidermeyer]

Screw them, they made a bad investment and have no one to blame but themselves.
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During the boom rental properties were scarce and pricey supporting sales at inflated prices,, bad decision? YES ,, but the blame for the most part goes to the FEDS and Wall Street ,, this was an irresistible avalanche of cash for them while they inflated the bubble.

[trumandogz]

Sorry, but anyone who managed to earn a C in a high school economics could see what was going to happen when the Fed kept lowering interest rates and the Congress and the presidents for the last 20 years kept pushing banks to lower mortgage standards.

[Jacquerie]

Many people think their problems will end with foreclosure. In FL, you still owe the amount on the promissory note. The effect of the burst real estate bubble will resonate for decades.

My parents were children during the Great Depression. That and WWII were the defining events of their lives. While I do not equate the RE bust with the Great Depression or WWII, I suspect that the bust will have similar effects on many who will spend decades getting themselves out of debt. While paying debt they do not buy as many consumer goods and thus are something of a drag on an economy that relies on consumption.