In March, Ralph Ronzio went to a warehouse in a seedy part of Orange County, California, and watched a man auction off his condo for half what hed paid for it. Ronzio had bought the place for $329,000 in 2005, when he moved to Southern California from Rhode Island to take a job at a data-storage company. It was the first place hed ever owned.

Americans are broke and depressedand also swilling $3 lattes and waiting in line for iPhones. Welcome to the schizophrenic economy

Earlier this year the $8,000 federal tax credit motivated buyers across the country and right here in Rhode Island, we felt a sales bump as well.