Banks losing money; others losing their homes
Economic analysis of the current wave of mortgage foreclosures must now yield to the overwhelming feelings of grief and blame as Charlotte County’s construction-dependent economy prepares for a tough 2008.
Charlotte County homeowners are being tossed out of their dwellings in record numbers, victims of a lending system that gave, then took away.
Southwest Florida’s circuit courts are reporting foreclosures at triple their 2006 levels and actually getting momentum as 2007 draws to a close. For example, the Charlotte County Clerk of the Circuit Court reports 1,992 foreclosure filings compared with 664 in 2006. These figures would be slightly higher if a relative handful of foreclosures filed in County Court were also included, although these are normally over sums of money less than $15,000.