Lee County Mortgage Defaults Continue to Soar

Foreclosures in Lee County continue to soar- and realtors say the housing boom of the past few years is to blame.

The numbers show for themselves how harsh the Florida real estate market is right now.

This year, in June alone, Lee County reports show that there were 968 foreclosures. That’s up dramatically from numbers in June of 2004 when there were only 156 foreclosed homes.

As home prices drop, foreclosures are increasing. And with last months numbers equaling more than half of 2004’s entire total, local investors try to remain hopeful.

However, Florida mortgage holders who bought homes as investments during the housing boom are finding that they are unable to sell them now due to decreasing property values.

“There is now way you can have 10 different houses and if you paid $300,000-$400,000 for them two years ago, that that house or condo is going to sell,” said realtor Fern Twenhafel.

Investors aren’t the only ones feeling the affects of a slumping real estate market, though, as realtors across the area are feeling the heat.

“It’s really sad, but there is not much we can do about it,” said Twenhafel, who added that she has a Florida condo like that now, as well as other properties that she need to sell soon.

Twenhafel believes that we can expect the growing foreclosure trend to continue until at least the end of the year.