Investors and buyers are encouraged to explore distressed multi family home listings in Fort Myers before the inventory declines sharply. The pace of foreclosures has been slowing down in many parts of Florida, including Lee County where Fort Myers is located.
The decline in Lee County house prices in May showed that foreclosure volumes are falling and their price effects are weakening. The sales price median in Lee County increased in May over the year to $96,900, up by 9.5 percent from $88,500 in May last year. Total home sales also increased to 1,460 units, up by three percent from the 1,417 total one year earlier.
The number of Fort Myers bank owned properties for sale dropped in large part because lenders were more willing to negotiate short sales. Finally, they are recognizing the fact that reducing their bank owned foreclosure listings through short sales is far better than cutting down their losses from failed mortgages through foreclosure sales.
As lenders control their losses through short sales, distressed homeowners also control the effects of their lost mortgages on their credit scores and on their ability to obtain home loans in the near future.
For investors and buyers in Fort Myers, they can find multi family home listings on the websites of reputable providers. On one website, there are currently 205 multifamily homes featured. One of the foreclosures is a four-bedroom two-bath 1,560-square-foot multifamily home priced at $157,985 and another is a 1,300-square-foot four-bedroom pre-foreclosure priced at $70,822. One foreclosure with a higher price is a 1,890-square-foot four-bedroom four-bath home priced at $226,520.
While the combined number of distressed homes and bank owned properties in Florida rose again by 5 percent in May after falling in April, the number of foreclosure filings in the Fort-Myers-Cape Coral metro area fell over the year by 19 percent to 3,576. Of this number, a big portion entered bank owned single-family and multi family home listings.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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