Number of Foreclosure Cases Still Steady in SWFL’s Lee County

The number of foreclosure lawsuits in Southwest Florida’s Lee County remained steady in September.   There were 567 foreclosure cases filed, almost the same number of foreclosure lawsuits  filed during the same period in 2011, where the number was slightly higher at 570.

Mr. Jeff Tumbarello, the director for the Southwest Florida Real Estate Investors Association, has indicated that there would unlikely be another wave of foreclosures. The highest number of foreclosures had peaked back in 2008 before the number of properties started to gradually decline to the current levels.

Among the major banks who have filed lawsuits, Bank of America NA had the highest number with 126 cases last month. JP Morgan Chase Bank had a total of 89 cases while Wells Fargo Bank NA had a total of 79 cases filed last month.

These lending companies have made adjustments on the main balances of loans.  Borrowers are now allowed to do short sales on the property so that these can be sold at current prices in the market.  Also, most sales are made as cash basis transactions so they prevent further foreclosure for the future.

Still, there is a mixed reaction when it comes to the number of single family homes that were sold by home builders last month.  There were 55 permits issued in Lee County with an estimated value of $15.3 million. Analysts consider this number up from the 41 permits issued in August almost double from the 27 permits that were issued from September 2011.

In Cape Coral, the city was able to post 23 permits last month which was down from 28 permits that were issued the month prior.  While in Fort Myers, the city was able to post 27 permits for last month but also down from the 44 permits from the month prior.  Last year, Fort Myers was able to post 30 permits for the month of September.

Though these numbers still show mixed reviews when it comes to the number of permits for single family homes, real estate agents in SWFL are still optimistic with the way the real estate economy is going as the number of permits still go up.  Some customers are not yet ready to buy the home, but there are many potential buyers who are still keen in buying property that can be used as either retirement or vacation homes in the further.
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