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Decline in Fort Myers Foreclosure Listings Raising Hopes

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By : John Cutts    99 or more times read
The drop in number of properties entering Fort Myers foreclosure listings has been raising hopes among real estate professionals, business owners and housing officials in the area.

In contrast to the increase in foreclosure activity in the area in February, the pace of foreclosure activity in March dropped for the first time to a level lower than the number of properties sold through public auctions. The number of filings in March fell to a little less than 1,200, a decrease of 16 percent from total filings in February. The number was also lower than the around 1,400 housing units sold through public auctions in March.

The slowdown in the entry of properties into house listings for sale has given hope not only to professionals in the real estate industry but also to people launching or expanding their businesses in Fort Myers. As the housing market improves, other businesses that serve homeowners increase their sales. Among businesses expanding in Fort Myers are companies engaged in product distribution, transportation, medical testing, business lead generation and computer software development.

The launching and expansion of businesses in the Fort Myers area has slowed down the inclusion of homes in Fort Myers foreclosure listings as unemployed homeowners finally get re-employed. The $25-million employment program launched in Fort Myers resulted in the initial hiring of 993 workers by 8 companies.

The pace of entry of properties into foreclosure listings in Florida also slowed in January, but they resurged substantially in February. Nearly 7,000 Florida homes were repossessed by lenders in February, a jump of 13.34 percent from 6,169 homes taken back by mortgage banks in January.

In February, Florida was third among 50 states in foreclosure rate, up from its fourth ranking in January. To help contain record numbers of foreclosures, several counties in Florida have already launched online auction sites in partnership with professional auction operators. Among these counties are Miami-Dade, Broward and Palm Beach County.

Initial auction sales showed that these online operations have been cutting down their foreclosure backlog and have been helping county courts reduce their foreclosure management costs.

In Lee County, where Fort Myers is located, the slowdown in foreclosures also gave hope to home builders. The number of building permits increased by 50 percent in March this year compared to residential construction permits issued in March 2009, indicating the weakening impact of Fort Myers foreclosure listings on new home construction.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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