selling them for a profit have faced financial woes as the US real estate market went lower.

The rush to buy property in the United States came in the 1980's, at a time when Bermudians were lured by prices that were low when compared to the cost of Bermuda real estate.They were attracted by comparatively lower interest rates and better mortgage terms available in southern states such as Florida.

Many Bermudians invested in Florida homes, tempted by prices from $60,000 to $140,000 near golf courses and other amenities. A company would rent your condo out during the year when you were not using it for short-term rentals, which would help pay the mortgage.

Many Bermudians jumped in when they realised that their down-payment was $10,000 or less, as finance companies were willing to give thirty year deals, unlike that which is seen in Bermuda, and provide 90 per cent financing.

President of Pond's Marketing Services Ltd., Mr. Wendell Pond, remembers when the market went sour. His firm has been involved in marketing condos in Orlando. But he said that many people who came to see him about trying to affect a quick sale on their Florida condos, were people who had not even purchased in the development that he had been marketing. But some people were desperate.

"A lot of them were not even on our portfolio. But they started contacting us about 12-14 months ago. For many people, these were secondary properties. They already owned their own homes here in Bermuda.

"Many were concerned about the extended recessionary period. When it didn't appear that there was an end in sight to the economic downturn, they wanted to sell their Florida homes.'' Some people panicked at the economic situation, while others had a genuine need to sell.

"People were prepared to cut their losses and a lot of them tried to force the sale by really reducing the price,'' Mr. Pond said. " They lost money.

These were not huge sums of money when compared to the same experience in Bermuda. But they were losses in terms of investment.'' People who held on to their properties should see the market recover. Mr. Pond has been selling condos in Orlando for ten years. He said: " A lot of people got alarmed about the economic uncertainty, but they were not pressed. They are glad they hung on. There is a different feeling in the market.''