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Cash buyers are going to be the only ones left. Once again the shore becomes even more exclusive to the rich. I feel sorry for anybody that's bought from 2000-2007. There hasn't been enough time for them to build enough equity to be close to paying the mortgage off, and the mortgage is most likely underwater. Those people may find themselves filing bankruptcy. Changing the rules on how things have been traditionally done should be phased in a lot slower and at a lot lower rate increase. These are people that have played by the rules. If FEMA bailed out people in NOLA and N.J. with no insurance and bailed out people in the floods of 2010 that didn't have insurance these people should be treated a lot better.

From: Soaring flood insurance seen sinking values

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