Speculators owned 60% of Florida county’s foreclosures

Buried in an article about the “rocket docket” in Fort Myers, Florida is this quote:

Sixty percent of the cases handled here involve homeowners who were speculators and out-of-towners. They don’t bother showing up for the court hearing, so the process is quick, and many are handled in seconds.

I assume that figure is higher, in part, because Fort Myers is a popular place to buy a second (or third or fourth) home for vacationing. I don’t think many people are buying vacation homes in North Minneapolis.

Still, that figure does show just how inflated the housing bubble was before it popped.

As foreclosures mount, Florida court turns to ‘rocket docket’ | CNN