Foreclosures by beach evoke history for Cannon

Michael Cannon, of Integra Realty Resources, a 40-year veteran of Miami real estate, looks at the flood of foreclosure and sees history repeating itself. A quick survey of 40 years of newspaper headlines in his personal collection of real estate related objects shows a pattern: Dim housing outlooks from the 50’s. People stuck renting in the 80’s. He says Florida is seeing the same characteristics today as the 80’s, during the periods of the 70’s, during the 60’s as well. He said it’s just that it’s bigger this time, that it’s the great recession. [CBS4]