According to the recent report from winknews.com, in Lee County, particularly the Cape Coral and Fort Myers area, foreclosure filings are dropping. Based on figures provided by RealtyTrac, this area ranked number 18 in active foreclosure filings for 2012. In December, the reported number of foreclosure fillings was 1 in every 235 housing units in the area. In 2010, the same area ranked number one for filings.
Investors and home buyers are growing in numbers in this area. They see huge opportunities to invest in Southwest Florida foreclosure properties
. Larry Narvaez and his family recently moved into a foreclosed home in the area. According to Narvaez, he bought a good house at an affordable price. It was a good financial opportunity for the family and didn’t think twice about investing.
The slow movement of the foreclosure procedure however, is still affecting the recovery in the area. Florida is a judicial state, so the entire process can take several months. Aside from the slow foreclosure process, the inventory status in the area is driving the average sale price of properties. Due to the low inventory of homes, the sale price went up to 26 percent to an average of $134,000.
Those who are contemplating buying a property at this time should take into consideration that January through April is peak season. If on a tight budget, waiting for off season months may be in their best interest.