SWFL has seen a rise in the number of foreclosures and home prices for the previous month. Lee Country was one of the areas in SWFL that saw the rise in foreclosure cases that were filed for the month of August. It is a matter that the banks need to keep tabs on than it being an issue with the housing markets.
The director of SWFL Real Estate Investors Association, Mr. Jeff Tumbarello has indicated the big lenders are letting it rip especially during the last month of the third quarter.
Last week, the association has released the report last week showing that there were 756 cases of foreclosures for last month. This number of cases filed was up from 584 cases that were filed from the previous month and also from the 505 cases from the year before.
Yet, despite of the increase in the number of foreclosures, this has not hindered the number of building permits in the SWFL. In a different report filed by the Department of Community Development of Lee County, there were 41 permits issued for single family homes. However, this number was still down from the previous month’s number of issued permits which totaled to 63. This number was still considered high from last year’s number of 37 permits.
In the Fort Myers
area, there were 44 permits issued for last month, which was down from the 50 permits that were issued for the month of July. Yet when comparing this with last year’s records of 22 permits, the issued permits for last month was still high. Other nearby areas such as Bonita Springs had 13 permits issued for last month while Sanibel had 3. Other areas in SWFL were not available last month.
The director had indicated that banks would ramp up the number of foreclosures for the 3rd quarter of the year to have a positive effect on the 4th quarter’s reports. These increases in the number of foreclosure are bound to rival the peak period that happened back in 2008 and 2009 where the majority of foreclosed properties comprised of commercial buildings and luxury homes.
Based on historical records, SWFL has experienced slow periods for the summer months but due the strong showing of building contracts for spring has made the area strong. It has made the housing market strong. Another positive sign is that there are more inquiries from interested parties which were not present a couple of years before.