Prices of Existing Homes Falls in July

Prices and sales of single family homes in Lee County were off compared to June: down 7 percent from $264,600 and sales were off 24%.

Slump can't slow Lee County Growth

The News-Press

The real estate bubble may have burst, but people still are moving to Lee County at a pace that would make some areas of the country envious.

Preliminary calculations show the county's permanent population grew by 30,133 - an average of 82 people a day- in the 12 months ending April 1.

That's a 5.15% increase for a population of 615,741 according to the University of Florida's Bureau of Economic and Business Research.

Record Number Forfeit Homes

Foreclosures in Lee County topped 1,000 in July as investors continued to let go of houses and land they bought in speculation in the real estate industry boom that ended two years ago.

"It's really the pre construction and speculative second home buyers going south," said mortgage broker Jeff Tumbarello of Network Funding Solution who tracks the local foreclosure market.

Since the height of the real estate boom in December 2005, the median price of an existing home sold with the help of a Realtor has fallen 21% from $322,300 to $253,900 in June 2007.
The number of homes for sale is till about 15,000 and the number of home sales dropped 39%
Fort Myers News Press

Housing Permits Sink in Lee, Cape Coral

Fort Myers News Press
Housing permits in Cape Coral fell to their lowest level in more than a decade in July, according to a city report released Wednesday.
Meanwhile, activity in unincorporated Lee County slowed dreastically following a surge in June caused by a deadline to avoid the tripling of road impact fees.
In Cape Coral, only 45 permits were pulled for single family homes last month down from 69 in June and a far cry from the 858 recorded in March 2006 at the height of Southwest Florida's real estate boom.
Cape Coral spokeswoman Connie Barron said a search of records back through 1995 didn't turn up any month as slow as July.
About 47 percent of the single family home permits in the county were for construction in Lehigh Acres, far off the two-thirds that Lehigh has accounted for during recent months.