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While the Cape Coral-Fort Myers area continues to earn its moniker as the Land of Foreclosures, some signs of easing are starting to appear.
For the second month in a row since the economic crisis began, more bank-owned homes in Lee County were sold than were foreclosed in April, according to the Southwest Florida Real Estate Investor's Association.
Another couple of months of this trend will be a sign that the market is beginning to absorb the massive overhang of foreclosed housing, industry observers say.
And RealtyTrac reports that foreclosures in the first quarter in the Cape Coral-Fort Myers area fell 26% compared with the same quarter a year ago.
Still, the effects of the real estate bust continue to linger. The Cape Coral-Fort Myers area ranked third nationally in the rate of foreclosures for the first quarter of this year, RealtyTrac reports. One out of every 35 homes in Lee County was in some stage of foreclosure, the tracking group says.
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