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Lee County Property Appraiser Ken Wilkinson saidvalues residential property values in Lee dropped more than 30% in 2008 compared with the previous year.
Wilkinson cautioned that estimates of values won't be available until June 1, but he says substantial declines are likely. “I'll be surprised if they're not in the low 30s,” Wilkinson says.
In areas such as Lehigh Acres hard hit by foreclosures, property values may have dropped by 40%, he says. “Over 80% of my sales are short sales,” Wilkinson says.
Short sales occur when an owner sells a property with the lender's consent for less than the outstanding balance on the mortgage.
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