With the way the economy has been doing, this really was inevitable. The extras are usually the first to go...the luxury car, the designer clothing, the business class travel and of course the weekend home. The Outer Banks in North Carolina are particularly vulnerable, since they have a large number of vacation homes and the local economy depends a fair bit on this weekend and summer population. Seeing signs for Outer Banks foreclosures would be hard for the locals I'm sure and for those who work in the support industry.
According to some reports, the worst is said to be over and things will definitely start looking up from now. The question is how long the recovery will take, will it be a W or a V recovery or the dreaded M or L shaped recoveries. Thanks to the downturn, there is a new breed of forecasters and predictors who have been coining new terms to describe the recovery pattern. It was actually started by the chairman of the Federal Reserve Bernanke, who said the ideal recovery would be a W shaped one.