The Real Deal Miami

Boom epicenter now ground zero for bust

February 10, 2009 11:51AM

Port St. Lucie, once the fastest growing city in the state, now has 10,000 homes in foreclosure and a 10.5 percent unemployment rate. St. Lucie County Commissioner Doug Coward has proposed declaring a state of emergency to make the area eligible for $17.5 million in country reserve funds normally earmarked for natural disasters. He said the funds would be used to hire local people for public works projects already approved in hopes of curbing soaring unemployment rates and saving homes.