Foreclosures in Lee County lowest since 2006

Falling NumbersLee County foreclosures in September fell to their lowest level since the housing market collapsed in 2006 while home permits continued a slow, cautious recovery, according to recently released on Florida land sales statistics.

Lenders filed 166 foreclosure lawsuits, down from 204 in August and 239 in September 2013, a report by the Southwest Florida Real Estate Investors Association states.

Many realtors feel that it is unlikely foreclosures will return to their previous highs anytime soon because the majority of sales in the past four years have been made without mortgages.  The current market is a sustainable market that’s growing and that’s driven by cash.  If you bought property in 2010 in for $50,000, it’s running in the $120,000s now.

Foreclosures bottomed out in October 2005, when 127 were filed. They reached a high of 2,665 in October 2008 before gradually falling until settling until the 200-300 range over the past year.

Meanwhile, builders pulled 270 single-family-home permits in September – one more than in August but sharply up from 172 in September 2013.  That’s unusual in September, when relatively few people are here and the economy is at its slowest with few home sites being worked on but the region has started to see a lot of people coming back into town a little earlier.

To work with a top notch Southwest Florida realtor contact Gratia Group at (239) 333-2221.

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