Fort Myers foreclosures became one of the major sources of affordable homes for many as these properties on average were being are sold more than fifty percent lower than the market prices they were going for before the market crash. In the recent economic downturn, many homeowners were forced to leave their homes and Florida was among one of the states that had been heaviest hit.
Nevertheless, the new market opened up infinite possibilities for those that have had the capacity to buy them. Stories of homes being foreclosed upon is not often looked at as an opportunity, but even in hard times, you need to make good out of the bad. The foreclosed properties gave way to numerous investors and with the prices sold lower than what its worth, many people can afford them. So, why is there so many foreclosures in Fort Myers as opposed to other areas of the country?
As with all the communities surrounding Fort Myers, many cities and states were directly affected by the recession. The recession created a domino effect. Many companies were bankrupt and closed, thus, the employees had to look for jobs elsewhere. The jobs were very hard to find and the demand for work slumped. The same goes with companies that were downsizing, and therefore, had to lay off a fraction of the workers. The fraction translates to million of jobless individuals with bills and mortgages to pay. This resulted in high Fort Myers foreclosure. That is what happens to home owners cannot afford to keep up with their mortgage payments. If the home owner does not make a payment in three months, the lender usually starts the foreclosure paperwork.
About two years ago, the economy started to rebound, jobs slowly came back, yet homes are still being sold way below market prices. Many have seen this product of adversity a new opportunity to own a home at a lesser cost. Today, hundreds of investors; large and small; are out to get the most ideal properties in Fort Myers. There are so many luxurious condos by the river and waterways, waterfront communities, golf communities, gated communities, houses, and apartments. Many investors are now catering to the growing demand for vacation houses, property management services, and homes. There is bright and promising future for Fort Myers. According to the latest news, properties are selling like hotcakes. You can now buy two houses for the price of one. The question remains, how many will be in a position to capitalize on these wonderful Fort Myers foreclosure properties. Hopefully as many as there are homes on the market.
Because there are lots of foreclosures in Fort Myers, you might want to read Selecting the Right Fort Myers Foreclosures for You to help you come up with your decision.
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