A novel marketing strategy was devised by Marc Joseph, owner of Foreclosures 'R Us, to entice potential homebuyers in Cape Coral, a city crisscrossed not only by foreclosed homes but also by waterways and canals.
Judge John Carlin and other judges in Lee County, Florida have been holding rocket docket hearings to clear the court of thousands of foreclosure cases.
A prestige multi tower condo development in Fort Myers, Lee County, Miami is almost on its knees as tried and trusted investment magnets lose their power.
Low-priced bank owned homes for sale in Lee County, Florida have been attracting out-of-state investors. The median for single-family homes fell by 10 percent to $88,000 while the median for condo units fell by 7 percent to $130,900.
The flood of foreclosed homes for sale that hit the housing market in a Florida county still flood inventories and pulled down home prices. Industry analysts predicted further decline in median home sale price in August in the area.
There are still a lot of Cape Coral foreclosed homes to choose from as mortgage defaults and foreclosure filings continue to surge in the area. Foreclosures in Cape Coral rose by 6 percent in February year-over-year.
Cape Coral foreclosures dropped in January, at a time more out-of-state buyers are arriving to look for homes and to enjoy the weather and the southwest Florida lifestyle. The 1,321 homes sold in January marked a drop from sales in December and in January 2009.
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