Florida is known as the Sunshine State in US with its long finger probing into the ocean with the Gulf of Mexico on one side and the Atlantic Ocean on the other. With its popular Miami port and about 1,100 private and government airstrips, Florida is sometimes regarded as the entry point to US. It has a unique underground waterway system replete with caves and springs as well as the Everglades – a slow moving river whose motion is not discernible to the naked eye. Florida means sun and beaches. This cocktail combines into happiness. Yet today the talk on the lips of all are Florida foreclosures. Florida was discovered by the Spaniards in 1513. It was sold to US in 1819. The war with native Indians continued till 1842. Long before the coming of the Europeans man has always staked a claim for a piece of land in this bountiful paradise. How is it possible that the history books recounting the story of 2007 and 2008 will only talk about Florida home foreclosures? The economy of Florida has a solid base – tourism, manufacturing as well as agriculture. This prosperity has attracted thousands to set up homes here. Homes have to be built in houses and this led to a housing boom nourished by easy money coming from sub-prime mortgages. Ultimately the balloon collapsed leading to innumerable Florida home foreclosures. Its very success has been the cause of its failure – failure epitomized in Florida home foreclosures.
The greatest number of Florida home foreclosures has been in St. Lucie County. It is the poster child of the growing Florida home foreclosures. It received the first ripples of Florida home foreclosures waves. The deluge of Florida home foreclosures continues – so much so that the civil courts have extended their hours of work well into the night. Previously there used to be 40 to 45 Florida home foreclosures per month but now the number of Florida home foreclosures have risen to 715. Clerks are having to put in extra hours to manage the increasing number of Florida home foreclosures, said court clerk Edwin M. Fry Jr. talking to Stuart News. The case load of Florida home foreclosures has become ‘horrendous’ and it is just killing them. The staff are being paid overtime. Nobody can say how long this will continue. Florida ranks second in the nation in the foreclosure race. Foreclosures were up by 158% in Florida from January 2007. The entire court system is cracking under the pressure.
