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Fort Myers – Cape Coral Drops to 52nd in Foreclosure Ranking

Lee County’s foreclosure rate fell from second in the country to 52nd in January. And not a single metro area across Florida managed to crack the top 20. Those bright spots are among the details of a report released today by RealtyTrac, an Irvine, Calif.-based real estate data company.

The numbers are striking: Lee County had one foreclosure filing for every 428 housing units, down 35 percent from December and 71 percent from January 2010. Michael Timmerman, a Naples-based senior associate with Fishkind & Associates, an Orlando-based economic consulting firm, says he does not think the foreclosure rate with bounce back: “Florida has run through the foreclosure process more efficiently. We’re flushing through foreclosures much faster than the other states.” Fort Myers-based real estate consultant Paige Rausch said she expects the next avalanche of foreclosures to come not here but in the markets that boomed after Lee County. “We’ve already peaked,” she said. “The numbers have already happened here.”

From the News Press February 10 2011.

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