The Foreclosure Boat Sinking With All On Board

Foreclosures spare none – neither borrowers nor lenders; hapless neighbours too are dragged in to drown. The economy of Charlotte County is heavily dependent on the construction sector. It is now braving to face a difficult 2008. In record numbers foreclosures are tossing out people from their houses. They are victims of a lending system that first gave and now has begun to take.

The courts of southwest Florida are choc-a-bloc with Florida foreclosures – triple the number of 2006. In fact the last few months have seen a surging forward. In 2006 there were 664 filings but this year the number has shot up to 1,992. These are the numbers coming from the circuit court. It will be slightly higher if those from the county court are added.

Next year the foreclosure situation will get even worse. Inevitably foreclosures will result. With real estate prices falling borrowers do not have the option of selling and clearing debts. Charlotte County together with the entire Florida State the prices of properties have gone down by 10% or in some cases even more as compared to the levels of last year.

Charlotte County developed from money coming in from retired people. They engaged in house construction work. Now that side of employment is getting adversely affected due to a chain reaction. Hurricane Charley has already taken its toll. Now the unemployment rate has also gone up adding to foreclosure blues.

Statistics collected from Charlotte, DeSoto and Sarasota counties are not clear about how many of the foreclosed units are primary ones and how many fall into the speculative category. It is not known also how many are being lost because of real misfortunes or because of the greed of borrowers.

Some joint steps are being taken to help house owners remain in their own homes. The St. Vincent de Paul Community Health Care clinic is one such instance. Health care bills have felled most of the foreclosure victims. This middle group are the worst hit – they somehow work to make ends meet without the help of Medicaid, food stamps or housing subsidy benefits.

In the aftermath of Hurricane Charley in 2004, investors and speculators descended in Charlotte County like flocks of vultures snapping up houses sure that recovery operations will pay dividends. The gamble played off for some but others are not so lucky.

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