Foreclosure filings in the greater Fort Myers area were up 7% in July 2009 over foreclosure filings in June 2009. For the month of July, 1,877 foreclosures were filed, up from 1,756 in June.
An increase in foreclosures is a healthy thing for the market. Many of these foreclosures have already been listed and on the market as short sales. Since banks are often not motivated to close short sale transactions, the short sale listings have been clogging the system. As more short sale listings are converted to foreclosures, they have a much better chance of closing and being flushed out of our inventory.
If you are looking for foreclosures in Southwest Florida, here is a resource to view Cape Coral foreclosures and Fort Myers foreclosures. This foreclosure listing site is updated daily and only displays active and available listings.
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Lee County Clerk of Courts Charlie Green states that lenders are stalling on foreclosure proceedings as they may not want to take property back in the current market conditions. He mentions that they are canceling foreclosure hearings to delay the foreclosure process.