Housing Market

One of the areas leading the nation in the increase in foreclosure filings is Cape Coral. 1-in-2,200 homes are under a foreclosure filing, mimicking the 2008 housing market crash.

Foreclosure rates are on the rise in The Sunshine State. In a US Foreclosure Market Report from Attom, roughly 1-in-2500 Florida homes have a foreclosure filing, a 5% increase from last year.

Following a historic boom kicked off in 2020, the Southwest Florida real estate market is slowing down.

Habitat for Humanity celebrated Mother’s Day ahead of time this year with the blessing of a local mother’s future home in Lehigh Acres and honoring her homeownership journey as part of Habitat’s 15th annual Women Build program in Lee and Hendry counties.

The industry group Florida Realtors last week released a report that showed the statewide median sales price for single-family existing homes in March was $412,500. The Naples-Immokalee-Marco Island SMSA again leads the state with a median home price of $800,000.A median home price is the middle value in a collection of home sales prices with half the homes selling at a lower price and half higher. This is how the typical home price in a given area or market is calculated, giving a better representation than the average price, which can be skewed by extreme values.

The Federal Housing Administration has announced changes to its mortgage eligibility rules that will affect thousands of non-citizens nationwide.

Student housing is limited near the Florida Gulf Coast University campus. Only three designated student housing complexes are in the area, creating an expensive apartment market for college students. With limited on-campus housing, many students struggle to find affordable living options during the school year.

The Coastal Village apartment complex near the FGCU campus in Estero has sold for more than $72 million. A trio of companies are joining up to purchase Coastal Village, long a favorite for FGCU and other students looking to live off-campus.

Pending home sales are falling fastest in the market of Fort Lauderdale, where it’s down 15.2% year over year during the four weeks ending November 10, according to Redfin. Next is Miami (-14%) followed by West Palm Beach (-13.8%).