Lee County Shadow Inventory

Is Fannie Mae hording property in the Fort Myers area?

Fort Myers Real Estate Information

Rumors have been swirling in the greater Fort Myers area that the government-mortgage agency has been hoarding residential inventory it acquired in foreclosure, waiting for better times to sell. Real estate agents fear that such a large “shadow” inventory threatens to swamp the residential market and push prices down.

To get at the truth, Jeff Tumbarello, the director the Southwest Florida Real Estate Investment Association, searched Fannie Mae deeds since January 2009. “We could speculate or we could know,” he says.

Tumbarello’s conclusion: “I see no evidence of them hoarding inventory.” Indeed, Tumbarello found that in the last 18 months in Lee County, Fannie Mae has been disposing of properties at roughly the same pace it has been taking them in.

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Courtesy of the Gulf Coast Business Review.
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