Datapoint: Why GCI’s in so much trouble in Florida

[Fort Myers: kitchen wreckage in an abandoned house]

The Fort Myers-Cape Coral area ranked sixth in the U.S. last month in residential foreclosure rates, with one in every 66 housing units receiving notice of an auction, repossession or loan default, The New York Times reports. That’s an improvement from July, when the home to Gannett’s News-Press ranked No. 1 in the nation.

But it nonetheless illustrates a major source of GCI’s stunning revenue losses: Florida and three other states (Arizona, California and Nevada) where the real estate market cratered in the past year. No wonder Publisher Carol Hudler compared local economic conditions to the 1929 stock crash — when this July, the News-Press cut 36 jobs.

Earlier: Perfect storm — a bad forecast in GCI’s war room

[Photo: Angel Franco, NYT]


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