What We're Hearing

I've been on assignment in Spain the past 10 days. If you think America has problems with delinquencies, visit the Costa del Sol region in the South of Spain. In certain quarters almost 30 percent of renters are behind on their payments. In the north, the ratio is about 25 percent. Over the past few years many citizens of Great Britain have flocked here, purchasing beach properties as investments. When Europe´s economy cracked up, renters couldn't pay and you can figure out the rest. Something else to think about: AIG is the lead sponsor of Britain's beloved futbol (soccer team), Manchester United. AIG, of course, also owns a U.S. subprime lender and a mortgage insurance company, United Guaranty. Still, there appears to be hope. The beach 'high season' starts in a few weeks and bargains abound -- if you have the cash...