- March 28, 2024
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As the director of the Southwest Florida Real Estate Investors Association, Jeff Tumbarello follows the foreclosure market like a hawk.
Tumbarello provides a juicy nugget of information or perspective in his monthly foreclosure report.
Recently, Tumbarello made the observation that there have been 69% more foreclosure filings in Lee County during the real estate bust than there were home sales during the boom.
From Jan. 1, 2004 to Dec. 31, 2007, there were 47,022 home sales in Lee County. But since Jan. 1, 2007, there have been 79,505 home foreclosures filed at the Lee County courthouse, Tumbarello reports.
Investors may conclude that the Lee County housing market overshot on the down side in the bust relative to how it rose during the boom. It also suggests that the foreclosure crisis has run its course and we're not likely to see another big wave of foreclosures.