With financial unpredictability once again gripping the U.S. economy, one thing is for certain, average Americans will ultimately feel the brunt of the storm. Unfortunately, as current turbulence spills into the housing market, many parts of the U.S. are already experiencing above-average foreclosure levels. Florida, a state where home prices dropped nearly 14% since last year, has some of the highest foreclosure levels in the U.S. (see map above). As it turns out, some of these foreclosures might actually be the result of accidental banking errors.
This was the case for a Florida couple who got a foreclosure notice on their home which never had an outstanding mortgage. Oops. In a bold move, the couple turned the tables and foreclosed on the bank. John Oliver from The Daily Show reports on the strangely brilliant show-down: