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WCI Files Chapter 11

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Well, I can't say I'm too surprised. Actually a Realtor told me about this yesterday. Unfortunately, they invested in a 1.5 mil home at The Westshore Yacht Club, and now are planning on "giving it away" because it won't sell. While some of WCI's other overpriced Florida developments may have had a chance of surviving if the market didn't correct itself, I never thought that their price structure would work in Tampa. According to a friend "living" there (temporarily renting while their house is built), there are many vacancies and many renters. And those renters are not coming close to covering the monthly mortgage payments for the speculators. My friend told me that one of the homes by him that is going into foreclosure is a 1 mil failed flip bought by a cop living in north Tampa. How a cop is given a 1 mil mortgage for an investment home is beyond me and an obvious clue that the mortgage lending practices were well out of whack. In fact, though I haven't verified it for myself, the Realtor told me that Tampa is #1 in the country for foreclosures. Ugggh.

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