These numbers are completely wrong, if you actually did the research you would see.

"Last month, Collier County had 1,043 filings, up almost 800 percent from a year ago and nearly 40 percent from March."

Sweet Jesus! These numbers are so bad I don't people really know how to deal with it.

d787967,

Please enlighten us.

Collier total filings 748
Collier filings by banks 663

Lee total filings 2,590
Lee filings by banks 2,367

Altough still high, those are the real numbers

Realty Trac has some double counting, and there numbers are getting worse every month

How many of these are primary residences and how many are 2nd, 3rd, etc? How many were bought just to be "flipped" and the owners got caught in the market downturn?

Pauls, you are correct. Many of these owners can make the payments, but choose to walk-away. I think the word foreclosure is becoming lightened, probably lenders are going to start treating it differently when applicants apply for credit.

I would love to know what the real occupancy rate is in Florida. Some developments I've seen are only 15% occupied most of the year- all this empty housing. And this was BEFORE the real estate crash. Rich folk who wanted a place in the sun even if they can't be here very much. They probably figured appreciation would pay for it even with the insane non-SOH taxes. Now there is no cnfusion- they are are absorbing all the costs. We now see the results- freefall.

Let me ask you, Paul and time, when you are watching banks forclose on homes in your neighborhood, then sell them for half of what is owed and your home's value has fallen to where you owe more than it is worth; now do you really give a blasted about how many of the foreclosed homes were going to be flipped?

GREED!!! Greed is what destroyed the real estate market! Banks started giving loans to anybody with or without a pulse and not requiring full application documentation, Appraisers severely over valued homes, Flippers bought numerous homes to reap large profits and got stuck paying several mortgage's on dead properties!

This manmade disaster has turned foreclosure into a smart business maneuver!

I don't feel one bit of heartache for the Fliipers that Flopped!!!

Today you can buy a very nice upscale 2/2 condo for $225k. Two years ago, $400k. 10% down and your mortgage payments are under $1,000 per month. But, your real estate taxes are at the higher price, and guess what, no SOH on a new purchase - the #1 killer of our real estate market. So, $4,000 in real estate taxes, $1500 in insurance, and $800 per quarter or $3,200/year HOA fees. Oh, an absurdly inflated cost of water that adds another $1,000 per year whether you use it or not.

The real cost of a house is about 60% for the house and another 40% to live in Commie County. These idiot bureaucrats that run this joint are breaking it.

No incumbent should be elected for any position in Collier County, the State of Florida, or the US Government.

Hopefully, someone, somewhere, will have the philosophy of H. R. Gross and the guts to run for office. Please.

Orele: I simply want not only the numbers but the story behind the numbers. I think too many people hear the number of foreclosures and think people are being kicked out on the street. Before a problem can be addressed it needs to be understood correctly.

Between a market where people are losing their homes and living on the streets vs. taking losses on investments (houses to flip) that went bad, the latter will be easier to recover from in time.

"Hopefully, someone, somewhere, will have the philosophy of H. R. Gross and the guts to run for office. Please."

cornandbeans, remember it also takes $ and real broadbased(even if local) support.

The shakeout continues-keep your seatbelt fastened at all times-looks like some people will have new neighbors...this is how a correction takes care of business.

Here's a possible bright side to the situation.

Assume you lose your "investment" home but not your job.

As soon as you stop paying mortgage/ taxes/ maintenance/ you have an improved cash flow position.

The banks have already adjusted the value of your bonds.

I think this has already become evident in the regional and national economy and why we "might" avoid recession.

Disney, Sea World have record crowds. It is busier around Naples than I had thought.

Where I live we have a large number of vacant condo's. Some renters were forced to leave because the owners that were using their condo for investment property went into foreclosure. But we also know of many owner lived in units that are in foreclosure as well.

I can not fathom how there are still developments going up in Collier.

Our entire economy is now a hallucination, just like the paper wealth homeowners gained and lost during the Great Housing Drain.

Some were plied with just enough time to suck out "equity" with a balloon adjustable voodoo mortgage so they could buy granite counters, a 76" plasma TV, or a new Navigator -- or even to payoff 24% credit card debt. Those who weren't stupid and unrealistic are now suffering because of those who were, as incredulous, mortgage-paying homeowners must now compete with multiple foreclosed houses on the block if they wish to sell.

All the bad loans, inflated values and cooked books were bundled up pretty into mortgage-backed securities to be unloaded to European and Asian investment banks, which, with the dollar in decline, were already getting nearly 2-to-1 on their money. Who cares if Johnny "70% debt-to-income" Homeowner can't make his payments once the ARM resets? These bankers knew he could not. They told him the house was worth twice what it was worth, told him he was approved for a great new rate (for two or three years) and charged four points to make him the loan. They told him, "You're actually saving money."

All that unnecessary consumer junk, all the unsecured credit-card debt that now rests on peoples' houses, assets that can be snatched, no matter if a homeowner files chapter 13 or 7 (of course, chapter 7 George Bush II did away with, so never mind that)... It's the last act in a shameful play.

Supply, demand, right? What does the US supply? We only demand. We have no economy. The only thing we've supplied in the last twenty years is housing and suburban sprawl and all those required to build, permit, finance, title, lawyer, strip mall and sell it to the next wave moving in to paint the others' nails, walk their labradoodles, rent them DVDs of Desperate Housewives.

Our economy is a giant Ponzi scheme, and, as always, someone always gets stuck holding the goat. This time, I'm afraid, it's all of us.

won't matter.
the chinese or a-rabs will come in and take us over financially anyway.
then we will all whoore for the beasts.

#6 Posted by time , I couldn't agree more. I've seen a few coworkers,friends and others who bought homes at peak prices from 2004-2006 and now they owe more then the home is worth.
They've basically just been paying rent the last 2 to 3 years, nothing more. They were paying mortgage interest period. Easier for them to jsut walk away from the home, take the black mark on their credit report and start over in a year or a few years...

Jadip811, We probably know the same people that are doing this, Naples is still a small town if you exclude the: tourists, illegals and old people.

These people that can afford the house, just choose not to make the payments are able to live rent free for a year. In one case, a home is being foreclosed in Pebblebrook, and the bank has told the owners to remain in the property for the proceedings because the bank does not want the house to be vacant.

I believe the word "foreclosure" is losing its fear and meaning. The word is becoming more common and people are not afraid of the word any longer.

"The word is becoming more common and people are not afraid of the word any longer."

This is the latest Realtor(TM) spin: That it's no problem to have a foreclosure on your record. "So many people are doing them that in the future lenders won't even care."

They're saying, "Just walk away if you can't afford it. I'll sell you a cheaper place across the street. That little blemish on your credit, no worries."

Only problem is, it's not 2004 any longer. Mortgage lenders have tightened up. With a foreclosure on your record, you're now a solid "subprime" customer. If you're lucky enough to find a lender, because so many subprime lenders have folded up shop in the last few years, be prepared to pay 9.5% interest -- and that's an adjustable loan, of course, which requires a sizable down payment, at least 20%.

Foreclosure is no skip in the park, and don't let any Realtor(TM) tell you differently... that it's "no big deal." It will remain a part of your credit history for 8-10 years.

I can tell you about a vacant piece of land that sold for $90,000 not even two years ago that is for sale for $12,000 now - Or, a home that sold for $470,000 last year that is for sale at $205,000 - Or, a condo that sold for $275,000 in 2005 that is for sale for $123,000, but it wouldn't matter. That is because there are hundreds, if not thousands more just like them.

Those aren't foreclosures. Those are properties that the banks now own. That doesn't count the short sales, like someone I know who listed his condo at $110,000, which was worth over $400,000 two years ago. Realistically, his property will sell for $170,000 - $180,000 and will be a great deal for the buyer.

What no one is talking about is what is going to happen to millage rates due to the total assessed value of property in the county dropping by what I believe is in the 20% to 40% range. Those with Save Our Homes exemptions will be hit hardest, since their total assessed values will increase while those without exemptions will see their values go down dramatically.

For instance, someone else I know has a total property value of $350,000. Their total assessed value is $82,300. Once the county budget is complete and the total assessed value in the county is determined, I'll be conservative and say that millage rates will only increase by 10%. If that $350,000 property goes down 30% in value, then its value will be $245,000.

Even with a 10% increase in the millage rate, the neighbor without SOH will see his taxes go down from $3,703 to $2,851. The person I know with the SOH exemption will have their taxes go up from $871 to $986. That means if if the county were to increase its mileage rate by 10%, then it would go from receiving $4,574 in taxes for those two properties to $3,873.

So, even if the county were to increase the millage rate by 10% it would still face more than a 15% reduction in tax revenue. The CCSO thought it was being kind by submitting a 2% decrease in its budget for next year.

Get ready for a lot of fighting from just about everyone - property owners with assessment disputes and every government agency, not to mention parents of students that will see the school district in crisis. And that's the rosy picture. What if fuel costs continue to go up - you think they might? What if the real estate market drops further - you think it might? What if incomes remain stagnant - you think they might?

How many times has the FED lower the rates since last year?. But that hasn't passed down to the consumer. Banks are profiting big time from all the cuts but refuse to readjust or reduduce the rate and payments on primary residence loans. It's all a game played by the big guys to keep their record profits.

If your home value drops, i have a solution, hope you are sitting down (as long as you still have a job)
Live in it, that's what they are for. The value of my home dropped but i live in it so, it doesnt bother me. plan on living in your home for a while, you know like our parents and grand parents did. it will go up soon enough

NeezDutz hit the target. Instead of buying & selling & going crazy about the real estate market just settle down and live in it.

And look at Warren Buffet who still resides in the same house he bought 40 years ago!

NeezDutz...Bang!! You are right on the money!! If I see one more comment about "owing more than it is worth" I swear I will take in a homeless realtor. Who cares what it is "worth". The value is only a current snapshot in time. If you can make the payments..STEP AWAY FROM THE MOVING VAN AND CONTINUE YOUR LIVES!!. The real problem here is the disconnect of the corporation owning the mortgage and the mortgagee. In the OLD days, a distressed homeowner would trudge down to his neighborhood banker and ask for some time and help during the tough times. They would work out some kind of solution. Now, who knows who owns the slice of the CDO your mortgage was packaged into. Consequently there is no direct link to a human who has the authority to negotiate a solution. So the easiest path is FORECLOSURE, and not always the cheapest for the mortgage holder. We have DEREGULATED our way into this mess. Thanks to our FREE MARKET politicians. We need FAIR MARKET not FREE MARKET.

Thanks for the common sense remark NeezDutz.

Jadip811: So what if someone has just been "paying rent" because the value declined. If you didn't "own", you would be doing just that anyway, renting!
And, if you are in the Estates, you can paint your home any color you want without getting a committee to review it. You can grow fruit, vegetables and even have livestock!

naplesheart,

Mortgages are tied to bonds, not what interest rates banks lend to other banks. The fed lowers its discount rate to try to spur the economy. Spurring the economy can actually cause bonds to lose value, thus raising the rate which bonds yield. Subsequently, that would raise mortgage rates. It is more complicated than that. But long/short, mortgages are not tied to the fed's discount rate, and banks have lost billions, not pocketed money from cuts in the discount rate.

neezdutz and gna,

Many have lost their jobs, or are not making what they used to make. Others have had their mortgage rates adjust upwards. Most of them can afford to pay their mortgages. Telling someone to live in the home that they are getting kicked out of is a bit callous.

having selective reading is callous POC, "(as long as you still have a job)"
Get rid of cable/satellite/internet and maybe the cell phone or house phone.
losing your house is a big deal...get rid of the luxuries.
Turn off lights when not in the room. i have cut about $100 off my electric bill by cutting back to one light in the house at once. i know i was wasting
but by doing the stuff up above you can remove hundreds of dollars off of your accounts payable.

I wonder why all these new neighborhoods are coming up all over the place. Who is buying these homes? Why do they keep building them? In my neighborhood there are tons of abandoned homes. Some have never even been occupied. Is there something I am missing here? Someone please explain for me...

NeezDutz,

You can only do so much to save money. Some people have to leave to relocate to another job and are basically prisoners in their own homes.

Not everybody can stay in the same home for 10 more years while this whole market corrects.

ok, so what people aren't seeing is that i put "(as long as you still have a job)"

same ol crap from same ol bloggers

Last year my assessed value was increased 44,000 in golden gate sanctuary ghetto, I better see a 20,000 decrease this year and 40,000 next year since there a year behind on taxing.
the houses on both sides of me are in foreclosure and both were owned by illegals which i'm glaad to see gone!!!!!!!!!

that's weird because illegals can't get loans. wonder how it was foreclosed on, since it couldn't have had a loan in the first place

Toll Bros. CEO was on Jim Cramer ...
http://www.cnbc.com/id/15840232?video...

"Naples is back," he said.

How long is it taking the banks to get to foreclosure--2 yrs. or so? There's a waiting list to be foreclosed on.

Big Government Responsible for Housing Bubble

http://www.house.gov/paul/tst/tst2008...

It was government intervention that brought on the current economic malaise in the first place. The Federal Reserve’s artificially low interest rates created the loose, easy credit that ignited a voracious appetite in the banks for borrowers. People made these lending and buying decisions based on market conditions that were wildly manipulated by government.

http://www.ronpaul2008.com/articles/?...

http://knowbeforeyouvote.com

You know what I don't feel sorry for any of these FLIPPERS. This is what happens when you get GREEDY. Serves you right. This Country is so SCREWED up and the REALTORS keep telling us oh it's turning around. Thank you Relators for causing this problem. I hope you all starve for being greedy. GREED GREED GREED.....You made the mess now get out of it all you rich folks.

Mortgages for illegal immigrants are/were given!

http://www.businessweek.com/the_threa...

http://www.usimmigrationsupport.org/i...

http://www.immigration-greencard.com/...

Let's give illegals million dollar loans! YEAH!

So, let's see jacktanner, if you do the research as did What_Say_You, we find the banking and mortgage industry really is the driver behind this housing bust. Also, upon closer scrutiny is a lack of basic due diligence business practices that have been tossed to the scrapheap by "got to hit the numbers now" by newly minted MBA's who worship at the altar of the here and now. I guess our grandfathers were right, college kids got no street sense at all. Keep your top ranked Business Schools Grads, ain't worth a dime on a dollar...this proves it.

neezdutz,

Do you really think that people who are getting kicked out of their homes could have prevented it from happening by turning off a light bulb? Yes, I read your part about "the ones who still have jobs". The problem with that is "the ones who still have jobs" + the ones who are making a lot less money make up a huge portion of those being foreclosed upon. On top of that, gas prices have nearly doubled in the last two years, food cost a lot more, etc...

Bottom line: It is not a matter of being unhappy about the value of the home that these people are living in. Local incomes do not support local home values. Until incomes go up home values will continue to go down. You can't count on the incomes of outsiders to support local property values over time, especially when they will be forced to pay double, triple, or even quadruple what their potential neighbor pays for property taxes. Of course, if I'm wrong, then property values will miraculously re-establish themselves.