David

No we haven't reached the bottom yet. There were over 2000 homes in Lee County forclosed in April and these houses haven't reached the market yet. There will be 2000 homes in May and the next month. I own a home outright in Cape Coral and have been looking for a bigger, newer one in the Cape for the past 5 months. All the real estate people will tell you we have reached bottom, but of course they are going to lie to you. They need to sell houses to make money.

If you don't believe me just drive around the Cape. Thousands of empty new (2006+) houses just sitting there, without power rotting. Also a lot of half finished houses. There are three houses I am watching just waiting for the banks to forclose on them. My real estate agent has contacted the owners (with no response) and the banks won't forclose on them becasue they are overwhelmed and don't have the manpower to process all of them. All three houses have never been lived in, have the ac units stolen, and have their taxes unpaid in 2007. All are 2500 sq ft, on the water, tile roofs, 3 car garages.and are beautiful.
I check on them several times a week to make sure they don't get vandalized any more. - Mon May 12 2008, 06:08