First Home Blamed for Bringing Michigan Lender Down

Read entire story and links to Fort Myers News Press article regarding SW Florida Builder First Homes and Michigan credit union.

SW Florida was one of the hottest housing markets in the country, and with that came overbuilding by several builders and investors who failed to accurately evaluate the market. This is a classic example of the "What a Bigger Fool WIll Pay" theory until finally the market collapsed under it's own weight. The rebalancing of the SW Florida real estate market is a healthy thing, although we have seen much pain along the way and the First Home crisis is just another example.