Bubble in the Sun: The Florida Boom of the 1920s and How It Brought on the Great Depression

One hundred years ago, the Florida land bubble seemed to be a source of endless wealth. Things started before World War I. During the war, there were expectations that the rush would subside. However, people wanted to vacation locally rather than travel abroad. This lead to increased demand in Florida. In the 1920s things really picked up. There were hotels, houses and vacant lots constantly changing hands. While many people did go to Florida to live or vacation, many others just wanted to get rich trading properties. Purchases were made with installment mortgages rather than cash.

There were a number of factors that lead to the popping of the Florida bubble. Natural disasters played a big role. Hurricanes wiped out a lot of property and killed many people. (One may have been among the strongest winds in the country - however, it destroyed the weather equipment before it could be measured.) Much was built on drained swampland. It seemed mother nature would take revenge on the damage done to the natural habitat. There was some corruption and self-dealing among promoters. When the positive publicity was replaced by negative publicity, the house of cards began to fall. The rapid gains for speculators made it less appealing. Many people simply stopped making payments, leading to the drying up of capital, and many promised amenities were left incomplete. 

The book presents much of the history of the land boom with details of the many characters involved. The author proposes that Florida more than the stock market crash contributed to the great depression. More people were involved in speculation down south than with stocks. This seems plausible, though is only somewhat brought out in this book that focuses more on the history.