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.
Many people think their problems will end with foreclosure. In FL, you still owe the amount on the promissory note.
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NEGATIVE, FL is a non-recourse / judicial state .. I don’t know where you got that info that the bank gets the house and you still have to pay???
If you know of any nice beach property that is defendable against foreclosure (ie. in a CDO/CMO , recording/assignment issues etc. etc. ) and the mortgagee is both preparing to let it go by default in a foreclosure hearing and they are willing to give a quick claim to me for a nominal fee let me know!! I may not ever own the property but I’ll control it for years and years and rent it by the week/month to vacationers...