Lower-priced Freddie Mac homes for sale
are still available in Fort Myers, Florida, but the inventory could plunge as fewer foreclosures have been entering the market over the past weeks.
In May, a total of 847 foreclosure cases were filed in Fort Myers and in other areas of Lee County, down by 54 percent from the total in May 2009. As more lenders are now approving short sales, fewer homes are getting repossessed and getting added to the current list of foreclosed homes
One sign that fewer properties are getting posted for Fort Myers foreclosure auctions is the rise in the construction of new homes in the county. This means that home builders are seeing the decrease in the housing inventory. In June, builders obtained 106 permits to construct single-family homes
throughout the county, including 23 permits for Fort Myers and 23 for Cape Coral. These builders are now confident they can compete with distressed properties
, including Freddie-owned homes.
Among the Freddie Mac homes for sale in Fort Myers are a four-bedroom house priced at $27,900; another four-bedroom house priced at $39,900; a five-bedroom home priced at $142,900; and an eight-bedroom house priced at $152,900. The highest-priced Freddie home on the list is a six-bedroom house offered at $329,900.
The number of properties posted for Florida home auctions also dropped in May from one year earlier. The 50,685 homes that entered the foreclosure process
marked a drop of 14 percent from the total filings in May 2009. The May total this year, however, marked a month-over-month resurgence in foreclosure cases after a substantial decrease in April.
Meanwhile, the number of delinquent Freddie Mac mortgages has been rising as the share of loans acquired by Freddie is getting bigger. As of the first months this year, Freddie owns 9 percent of all delinquent loans in the country. The default rate for Freddie-backed mortgages increased to 4.13 percent in March, increasing the number of houses likely to enter listings of Freddie Mac homes for sale.
Find more foreclosed homes in Fort Myers, FL