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Published February 9, 2009 Submitted by: Mike
The southwest Florida counties that had been considering changing their names to Default, Foreclosure, and Subprime are hearing some positive if tentative things from their bankers.
The pace of new foreclosures seems to be slowing and housing prices may be bottoming out. The median price of houses being sold has shown a modest increase for the first time since December '05.
With the recession as a catalyst, positive financial transformation may already be happening. Economist Joseph Schumpeter's concept of "creative destruction" seems more operative during a recession.
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