Miss Kitty, I understand a lot of Canadians are again flocking to Florida because they can get housing cheaply there again.
The mortgage crisis is affecting all areas of the country, but seems like California and Florida are getting hit the hardest as these areas saw artificial inflation to housing prices earlier in the decade and now the hens are coming home to roost there unfortunately for a lot of people.
We looked at a house in Florida in 2004. The loan we qualified for was mindblowing. The monthly payments were over HALF what our monthly income was. We choose NOT to buy the house because we knew we could not afford to keep up with a payment like that and have enough money to pay for things like gas and groceries and electricity.
There have been instances were people qualified for mortgages that were 3/4 of their monthly income. No way would I have ever gotten into a mortgage that was that expensive because we could see foreclosure on the horizen for us if we had chosen to get into that kind of situation.