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Written by Greg Snow
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Thursday, 26 February 2009 09:00 |
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In the News-Press this morning, (www.news-press.com), the headline screams,"Lee homebuyers jump at chance for bargain". Although the National Association of Realtors(www.nar.org) released new evidence of a less than stellar housing market, with sales falling to the lowest levels in 12 years, Lee County had an invrease of 124 % (from 338 to 758) from January of 2008 to January 2009. According to local specialist, Brett Ellis of Remax( www.topagent.com) Realty Group in Ft. Myers, driving force in bank owned homes from foreclosure.
Our national figures are down a disappointing 5.3 % to an annual rate of 4.49 million, which is a projection off by over 2 million from 2005. Some economists had expected better than the weakest showing since 1997. Median sales price, (half the prices are lower and half are higher), fell to $170,300 from $199,800 a year earlier (over 8.5 % drop). Jeff Tumbarello, director of Southwest Florida Real Estate Investment Association (www.swflreia.com) tracks our local foreclosures and said "We're in a negative feedback loop..we are at a point that foreclosures are now begetting foreclosures." If our home prices continue to fall (projected), the impact of loss of most Americans single biggest asset has ramifications on homeowners (consumers) cutting back on spending, which forces employer layoffs, which burdens the system with unemployed people and failed businesses to more foreclosures and..... the merry-go-round is far from an enjoyable experience. |
Southwest Florida Real Estate Blog 
