If you think we are gloom and doom here in the blogosphere, wait until you read this MSM article from the Palm Beach Post. Their headline, Loan defaults in the area topped $1 billion over six months: [I really recommend this article, by the way. The whole thing is worth a read.]
Between Jan. 1 and July 1, homeowners in Palm Beach, Martin and St. Lucie counties defaulted on 4,318 mortgages worth $1.05 billion. That’s a 311 percent increase in defaults from the 1,051 recorded during the same period in 2006.
Loans in tony new communities crashed just as disastrously as homes in Counterpoint Estates, the aging middle-income subdivision just down the road from Versailles’ golden gates. Condos that once generated traffic jams of eager buyers went dark.
Along some streets, next-door neighbors defaulted like dominoes: Waterway Cove in Wellington; Gazetta and Cresta Way in the Terracina subdivision in West Palm Beach; Strawberry Lakes Circle west of Lake Worth; Gull Road in Palm Beach Gardens.
What is particularly shocking is the dollar value of all of this:
