The Palm Beach Post out of Palm Beach County, Florida, reported yesterday that 1.2 million Florida mortgage holders owe more than the home's value. That's roughly 30% of the 4.2 million Florida home mortgages. If home prices dip another 5 percent, nearly 200,000 more Florida borrowers would go up-side down. The forecast for most of the lower east coast of Florida, at least north of Fort Lauderdale, is for another 10 to 15% drop in 2009, so we can expect more tough times, at least around here. Needless to say, the thought of what may be down the pike is alarming.

Today's Post does a little extrapolating with a front page headline, "Gun Sales Surge as Uncertainties Stoke Fears." Now that should calm folks down, NOT.