Brookings Institution Reports: Cape Coral Has the Worst Economy in the Nation (Miami: hotels, attorney)

[KasperFile]

Another thought…. if there were such great investments with RE in Lee why aren’t the realtor, mortgage brokers and so on jumping on them themselves rather go out and give some lucky person ( or should I say sucker) they don’t know from squat the great investment: It’s all bull people, their trying their hardest to get suckers to buy into a black hole..

[yoko]

Originally Posted by KasperFile

Another thought…. if there were such great investments with RE in Lee why aren’t the realtor, mortgage brokers and so on jumping on them themselves rather go out and give some lucky person ( or should I say sucker) they don’t know from squat the great investment: It’s all bull people, their trying their hardest to get suckers to buy into a black hole..

or


To write that "Everybody, Everybody" who wants a job can have a job in Cape Coral but then to admit to be too afraid to move there because of "unemployment" situation (!)

Such statements are written with complete absence of conscious and lack of sense for guilt or responsiblity.

[nhkev]

Originally Posted by KasperFile

Another thought…. if there were such great investments with RE in Lee why aren’t the realtor, mortgage brokers and so on jumping on them themselves rather go out and give some lucky person ( or should I say sucker) they don’t know from squat the great investment: It’s all bull people, their trying their hardest to get suckers to buy into a black hole..

A realtor's job is to sell properties owned by other people, a mortgage brokers job is to obtain financing for someone to buy a house, that is how they are suppose to earn a living. When realtors and brokers........and every other profession start buying and flipping, and becoming landlords is typically a sign to sell. When there's blood in the streets is usually the time to buy. A lot of these foreclosures were realtors and brokers former properties now being sold for a third of what they paid for them. The real sucker would be someone that bought a whole block in lehigh years ago and didn't have the sense to sell at the peak and then comes on here trying to give others any real estate advice when they are a proven sucker.

[chaotix]

Originally Posted by nhkev

The real sucker would be someone that bought a whole block in lehigh years ago and didn't have the sense to sell at the peak and then comes on here trying to give others any real estate advice when they are a proven sucker.

Reps!

[yoko]

Why further price drops for already hard-hit areas, as well as in healthier markets like New York and Los Angeles?

There’s already a glut of homes left in each area by the real estate bust, and more foreclosures are expected. Foreclosures add to the supply of homes on the market, bringing down prices.

On top of that, so-called short sales; They can drive down the value of neighboring homes, too.

Contributing to the problem is an economy grappling with high unemployment, relatively flat pay and tightened credit, all working to limit the number of people buying homes.

In some Sun Belt cities, investors armed with cash are gorging on deep discounts for some homes, yet the foreclosures keep coming. The local areas remain stuck with depressed economies and a glut of vacant and soon-to-be-vacant homes.





Associated Press
July/27/2010
Nationwide housing crisis not quite over » Local News » The Huntsville Item, Huntsville, TX

[yoko]

Fitch recently gave Cape Coral’s bond rating a negative outlook, citing in part, the city’s elected officials’ reluctance to move forward with the large annual rate increases (30% in 2010) necessary to sustain the debt.




City plagued by debt; audit reveals potential cash flow problems » Marco Eagle

[Iamrita]

Originally Posted by yoko

Fitch recently gave Cape Coral’s bond rating a negative outlook, citing in part, the city’s elected officials’ reluctance to move forward with the large annual rate increases (30% in 2010) necessary to sustain the debt.




City plagued by debt; audit reveals potential cash flow problems » Marco Eagle

I'm not surprised...

[yoko]

Originally Posted by yoko

Fitch recently gave Cape Coral’s bond rating a negative outlook, citing in part, the city’s elected officials’ reluctance to move forward with the large annual rate increases (30% in 2010) necessary to sustain the debt.

City plagued by debt; audit reveals potential cash flow problems » Marco Eagle

The money is not there anymore. We're in debt up to our eyeballs and we have to grab a hold of the situation and slow down the spending," said Mayor Sullivan.





July/16/2010
Cape fire continues to spark budget debate - NBC-2.com WBBH News for Fort Myers, Cape Coral & Naples, Florida

[yoko]

Originally Posted by yoko

The money is not there anymore. We're in debt up to our eyeballs and we have to grab a hold of the situation and slow down the spending," said Mayor Sullivan.

July/16/2010
Cape fire continues to spark budget debate - NBC-2.com WBBH News for Fort Myers, Cape Coral & Naples, Florida

"The fragile stability achieved in many local housing markets hinges on improvements in the underlying economy, specifically job growth," Saccacio said.

"If unemployment remains persistently high and foreclosure prevention efforts only delay the inevitable, then we could continue to see increased foreclosure activity and a corresponding weakness in home prices in many metro areas," he said.


RealtyTrac figures showed the Las Vegas-Paradise area led the nation in foreclosure activity during the first half of the year, followed by Cape Coral-Fort Myers, Fla., Modesto, Calif. and Merced, Calif. “

Aug/06/2010
Inland Empire drops one notch in national foreclosure ranking :: The Valley News





Still #2 in worst foreclosure in the nation but realtors & Co. talk smoothly how great it is to invest in Cape Coral !!
By the time you close on a house, a better house comes to the market at much better price in much better location!

Cape Coral's economy is based on construction but because of glut of commercial/residential available there is no construction. Then Cape Coral's tourism is researched to be the worst in the nation.

There is a reason why current residents are leaving and Cape Coral is experiencing loss of population.

[yoko]

Originally Posted by yoko

" These Florida cities saw the biggest population decline from 2008 to 2009:

Cape Coral

2008: 154,818
2009: 154,202

St. Petersburg

2008: 244,753
2009: 244,324


The latest census population estimates released Tuesday show that no Florida city with more than 100,000 people ranked in the country's top 75 for growth last year. It represents a stunning reversal in the state's recent demographic history and signals the challenges Florida faces trying to rebuild a growth-based economy when growth is largely absent.


The estimates seem to capture the impact of the Great Recession, with Florida cities that were once among the big risers seeing only modest gains or, in some cases, unthinkable losses.


Economists point to the housing crisis and job losses as the main reason growth has slowed in Florida.
The state has always appealed to three groups:

retirees who came in search of fair weather;
people in their 20s, 30s and 40s looking for jobs;
and immigrants from Mexico and other nations.


Retirees have slowed their migration because, in many cases, they are having trouble selling their homes and finding money to relocate.
Job seekers see fewer opportunities in a state that has lost 800,000 jobs over the past two years.

"The big story is that, in the early part of this decade, we were near record levels," Smith said. "But what we're seeing now is the most dramatic decline since World War II. ------And it's because of the economic collapse-------.

"People are just not coming to Florida like they used to." "



June/23/2010
Florida's population growth hits a wall | HeraldTribune.com

In one humble year we have learned about Cape Coral's mountainous debts of over 1 bn