Cape Coral- Fort Myers got the number 4 rank in the nation for its November 2009 foreclosure rate. One out of every 96 dwellings received a foreclosure notice in this period. It was more than four percent decline since the last month and 35% from one year back.
Top Ten List of foreclosure rates contained two Florida cities. One was Cape Coral Fort Myers and the second was Orlando- Kissimmee at number 8.
Nevada topped the list among states with one out of every 119 households receiving default notice last month. This was 3.5 times the average of the nation.
Florida stood at second spot with foreclosures notices for one out of every 165 households. It raced ahead of California which stood at third spot.
November saw a decline in US foreclosure activity, the lowest since February. Anti foreclosure measures like loan modification and expanded home buyer tax credit have led to decrease in foreclosure as well as increase in property values. However a full recovery is expected only if the unemployment situation improves and credit becomes more available.
Nationally, notices of default were down 8% from October but 22% from a year ago. However, Median prices continued to drop.
The Cape Coral- Fort Myers area saw a drop of 50% in home values. Here the homes inventory needs to be sold off before the economy can heal.
In Cape Coral foreclosures, unlike elsewhere in the US, investors were the primary buyers of homes. Behind them are second time purchasers of homes, who are making use of the drop in prices. Most investors buying homes in Cape Coral are renting it out to locals or reselling after 3 to 4 years.
Recent legislation has prevented investors to flip homes quickly thus driving up prices. As a result Cape Coral has started to rebound from the bottom position in the market.
In the last three weeks, cost of homes under $100,000 has increased from $50 per square feet to $58 per square feet. Two years of inventory that lay with the Cape Coral foreclosures has now reduced to 8 months.
The fight against Cape Coral Foreclosures has initiated the following programs:
-Volunteers offering to clean up derelict property through ‘Take Pride in the Cape”
-An in-house program for abandoned homes
-A registration program where every house is entered in a database and the owner tracked down.
-Waste management to remove all trash leftovers of the city.
Thus Cape Coral foreclosures are highly recommended to buy.
Print This Post
Email This Post
HUD Fair Housing Equal Opportunity
