Florida

We're watching Stupid TV, my favorite. House Hunters. Joe and Deann are looking for a house in the Naples, Florida, area. The second house was listed for $350,000. I caught the address and Googled it. Turns out that Joe and Deann bought it in the summer of 2006 for $340,000. And that it's back on the market today for $279,000. A $61,000 loss, which--since they're young--means it's almost certainly under water. I doubt that they could afford to sell at a loss like that, so it's probably a foreclosure. 

The way things have been going in Florida, it's surprising that it's fallen less than 20% in value. Of course, it ain't sold yet.