Fort Myers is the seat of Lee County in Florida State. Fort Myers foreclosure properties are causing great concern – this being part of the foreclosure debacle being staged in Florida. Apart from Fort Myers foreclosure properties, Fort Myers has had its share of bad fortune when hit by Hurricane Charley in 2004 and by Hurricane Wilma in 2005 causing extensive damage. Now Fort Myers foreclosure properties are wreaking havoc and one of the causes is that fall out from the troubles that started with the onslaught of repeated hurricanes.
Other reasons cited for Fort Myers foreclosure properties are that the minority races have been targeted when sub-prime mortgages were being peddled. In Fort Myers 56.35% of the population are white while Afro-Americans comprise of 33.39%. The others are Asians, Native Americans and Hispanics. Another theory is the Fort Myers foreclosure properties are because of the frenetic housing activity in the recent past that led to the ballooning of the real estate. The balloon has burst today causing so many Fort Myers foreclosure properties. The prosperity of the area makes it difficult to understand why there are so many Fort Myers foreclosure properties.
There are a record number of Fort Myers foreclosure properties making it rank the highest in the nation together with Cape Coral region. There have been so many Fort Myers foreclosure properties that the county clerk, Green, at Lee County court says that an additional $500,000 have had to be requested as funds for the processing of the onslaught of Fort Myers foreclosure properties. The number of Fort Myers foreclosure properties has led to one out of every 86 houses to be in some stage of the foreclosure process. In January there were 2,297 foreclosures in the county. From October 2007 to January 2008 there were 7,766 foreclosures. Fort Myers foreclosure properties made up for a good many of the numbers. The numbers jumped by 57% in January 2008 as compared to what it was a year ago. The first third of the year foreclosures increased by 2,100%.
Across the nation in January 233,001 houses received foreclosure notice. Fort Myers foreclosure properties were part of the unfolding drama. A year earlier the number was 148,425 notices. The situation is getting worse despite efforts at all levels – federal, state, local and community wise. The lenders are in a hurry to modify loans and change the floating to fixed interest. But despite these efforts and the lowering of bank rates as yet nothing tangible and positive has been noticed.
