Foreclosures

I understand that Cape Coral-Fort Myers had the highest foreclosure rate in the nation for 2008. How did that happen?

According to Irvine, California based RealtyTrac, 12% of housing units received a foreclosure related notice last year. This is over six times the national average. Why did that happen?

As an attorney, I understand the process. As a resident and responsible citizen, I am baffled. Are people losing their primary residences because of job loss or poor health? Are these primarily speculators who bought into the market with no down payment and an adjustable rate mortgage? Who let that happen?

I've posed the how, why, and who questions. What do you think?