reo homes

Fort Myers is a city in Florida State and is located in Lee County. Fort Myers Reo homes are proving to be great opportunities for those hunting for affordable houses in this Sunshine State. Fort Myers and Cape Coral are the two big cities that comprise of Cape Coral-Fort Myers MSA. The population of this region in 2008 was 623,725. To understand the causes behind Fort Myers Reo homes a demographic chart will help because there is a strong view that the non-Whites were discriminated against. In this region the Whites are 56% and the Afro-Americans 34% approximately.

By Fort Myers Reo homes are meant those foreclosed houses that have been taken over or repossessed by the banks or lenders after having failed to be sold at the auctions. These are also known as REO’s or Real Estate Owned. Fort Myers Reo homes are dotting the landscape causing intense damage to the locality. These vacant Fort Myers Reo homes are attracting crime and disease like magnets. This is pulling down the price of adjacent houses as the area becomes unsafe. The administration finds itself hard pressed attending to the law and order problems arising from these empty Fort Myers Reo homes. Yet revenue is falling because this flood of Fort Myers Reo homes has brought sale transactions to a standstill.

This area of Fort Myers and Cape Coral had the highest number of foreclosures in the country in January 2008. Just to process this flood of new foreclosures the county clerk of Courts had to ask for an extra fund of $500,000.

In 2009 the reports coming in show that Fort Myers and Cape Coral area foreclosure rates have increased from March 2008 according to First American Core Logic. The rate of foreclosures among mortgage loans is 13.3% for March 2009 – showing a spike of 5.3% from March 2008, when the rate recorded was 8 %. The delinquency rate in this area has also shot up. In March 22.1% of the loans were delinquent by 90 days or more as compared to 12.8% noted in March 2008. This shows a jump of 9.3%.

From April 2008 to March of this year – in these 12 months in Fort Myers and Cape Coral area 45,150 foreclosures have been filed. It approximates to 123.7 foreclosures per day! In the previous cycle from April 2007 to March 2008 there were 20,544 foreclosure postings approximating to 56.2 foreclosures each day.

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