Fort Myers Foreclosures
Ft Myers Foreclosure prices on homes and condos have dropped dramatically to the lowest prices in years. The prices are beginning to rise. The number of Fort Myers real estate sales per month have gone up over the past few months compared to a year ago. The number of new foreclosures increased last month. It appears that we are at or near the bottom of real estate values in our local area. Search below and use our easy to use and up to date MLS search engine.
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Lee County foreclosures in September 2014 fell to their lowest level since the housing market collapsed in 2006 while home permits continued a slow, cautious recovery, according to statistics released Wednesday. Lenders filed 166 foreclosure lawsuits, down from 204 in August and 239 in September 2013, a report by the Southwest Florida Real Estate Investors Association states. Jeff Tumbarello, director of the association and owner/broker of Steelbridge Realty in North Fort Myers, said it's unlikely foreclosures will return to their previous highs anytime soon because the majority of sales in the past four years have been made without mortgages. "It's a sustainable market that's growing and that's driven by cash," he said, noting that "If you bought a house in 2010 in Lehigh Acres for $50,000, they're running in the $120,000s now." Foreclosures bottomed out in October 2005, when 127 were filed. They reached a high of 2,665 in October 2008 before gradually falling until settling until the 200-300 range over the past year.
Foreclosure starts Lower
Florida. foreclosure starts lower than they were in 2006 IRVINE, Calif. – July 16, 2015 — RealtyTrac's Midyear 2015 U.S. Foreclosure Market Report finds that foreclosure starts in 19 states in the first half of 2015 were at or below their pre-crisis levels of 2006. Florida is included in that list, along with California, Arizona, Georgia and Illinois. While fewer Florida homes entered the foreclosure process in the first half of the year, however, lenders continued to take possession of ones already in the process. Florida foreclosure activity in the first half of 2015 decreased 22 percent year-to-year, but it still had the nation's highest foreclosure rate: 1.06 percent of housing units (one in every 95). Bank repossessions in 2015 were above 2006 levels in 35 states, including Florida, California, Arizona, Illinois and Nevada. "There is still a tail left in the liquidation of our distressed properties in Florida due to our ponderous judicial system," says Mike Pappas, CEO and president of Keyes Company in South Florida. "However, our current robust market has muted the remnant REO noise." Eight Florida cities had foreclosure rates among the 10 highest in the first half of the year: Tampa at No. 2 (1.22 percent of housing units with a foreclosure filing); Lakeland at No. 3 (1.21 percent); Jacksonville at No. 4 (1.20 percent); Ocala at No. 5 (1.18 percent); Miami at No. 6 (1.15 percent); Orlando at No. 8 (1.07 percent); Deltona-Daytona-Beach-Ormond Beach at No. 9 (1.05 percent); and Crestview-Fort Walton Beach-Destin at No. 10 (0.97 percent). Among the nation's 20 largest metro areas, however, Miami ranked first in the "biggest decreases in foreclosure activity" ranking for the first half of 2015 year-to-year with a 30 percent decrease.
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