Home and Apartment Foreclosures for Sale Increase in Cape Coral for 3Q

by Donald Hanz on cities

The number of home, commercial and apartment foreclosures for sale continues to rise in Cape Coral-Fort Myers, Florida during the 2010 third quarter, with the region posting the second highest rate of foreclosure in the whole U.S. compared with the current year's second quarter.

Fort Myers and Cape Coral foreclosed homes and properties that received filings reached 10,352 during the July-September period. This represents a 12% rise when compared with the April-June 2010 period. However, it also represents a decline of almost 22% when compared with the 2009 third quarter.

People who plan on buying Florida bank foreclosures will not only find a lot of choices in the Cape Coral-Fort Myers area, but will also find abundant supplies in the Miami-Fort Lauderdale-Pompano Beach region since this area came in seventh nationwide in terms of foreclosure rates for the quarter in focus.

Despite the higher number of house and apartment foreclosures for sale for the latest quarter, local real estate market observers believe that the figures do not represent the true condition of the Lee County housing market, which includes the entire Cape Coral-Fort Myers region. According to them, the county is on its way towards a recovery.

Realtors have reported that the county has cut down foreclosed homes for sale inventories and is on its way to balancing these inventories probably within half a year. They also predict that within a full 12-month period, the area's housing market will be back to normal. Area realtors have reported that since September 2009, foreclosure filings have declined by over 40%, while the period between 2008 and 2009 recorded a drop of almost 44%.

During the worst of the real estate crisis, the region reportedly posted an average of 700 filings per week. Based on the latest housing data, the region only have 16,000 cases, with weekly foreclosure filing totals declining considerably compared with peak periods.

Meanwhile, officials from the county have stated that local authorities are doing everything that is possible to battle the effects of the high number of home, commercial and apartment foreclosures for sale. They added that businesses are showing interest in Cape Coral and are expected to create up to 300 jobs in the coming months.

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