The number of defendants for foreclosure filings in both Key West and Monroe County (all of the Florida Keys) has hit an all-time high, according to the Monroe County Clerk of the Courts website.
Key West Chronicle searched the County Clerk’s website for foreclosure filings since 1989 for Key West and Monroe County.
Those searches reveal that the number of defendants in foreclosure filings for this year has shattered the all-time highs and is already 50% above last year’s record numbers.
Keep in mind these numbers show the number of defendants in these cases, and therefore overstate the number of actual properties since many properties have multiple owners/defendants. Also, many of the foreclosure filings are for timeshares – which begs the question: “Is there something wrong with buying a timeshare in Key West?” – but that topic may be for a future post.
Still, this is a useful view of the condition of the real estate market in the Florida Keys.
“Foreclosure” defendants, Key West
2007 (so far)
Some have lately blamed the press, media, and blogs like this for contributing to the demise of the real estate market.
Instead, they should blame:
- Lenders – who lost all sense of reason while lending money with no equity and questionable credentials
- Developers – as they overbuilt like mad, responding to a temporary surge in demand from the loose lenders (and who also continue to overbuild – I mean, who on earth is going to buy these ridiculously expensive projects like Harbor House, Steam Plant, Casa Marina Club, Cay Clubs, King’s Pointe, Parrot Singh ;-D, Swift’s Stuff, the Spottswood Hotelzone, or the countless other developments? And yet they keep building – further flooding the market with property for sale
- Realtors – who were there throwing gas on the fire, convincing the public that they couldn’t lose
- and Flippers - who saw the dollars and sucked up every crumb left over.