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Say It Ain't So, St. Joe

By Rick Aristotle Munarriz (TMFBreakerRick)
September 8, 2006

Heeding the signs of a bursting bubble, St. Joe (NYSE: JOE) is bowing out of the Florida homebuilding market.

The move is a major reversal for the company, which started out as a paper and pulp producer, amassing enough forested acreage in the state of Florida to own 2% of the state's land. In recent years, the company was transformed into a real estate powerhouse, cashing in on its more than 850,000 acres of land by building resorts and communities, with a lot of that turf lying in the pricey panhandle area off the Gulf of Mexico........
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