There is a bright side, less conversions of marinas to condos.
Basically, the subprime mortgages were intended to get poor people who
otherwise couldnt get a mortgage buy a house with low or no collateral
(a really bad idea). What happed was that everybody realized "What,
no collateral, I can now finance any bizarre thing I want as long as
its real estate". So, a lot of it went into what people expected to
appreciate, coastal property bought with almost nothing and often
actually nothing down. They couldnt lose. In Florida the state
forces everybody else to subsidize insurance on homes built in bad
locations. Not only could they afford a loan with nothing down, they
could afford the insurance. Older Marinas that are always of marginal
business worth saw their property values and hence their taxes
skyrocket, they HAD to sell out.