House Hunting in Cape Coral

The latest report on housing in America lists Cape Coral at the top of the list for places to purchase affordable housing. The building boom of the mid 2005-2007 is now a bust. The negative side is that tens of thousands of people gave up their homes as their mortgage was far greater than the value of their homes,

Foreclosures appeared so quickly that courts had to batch them to clear the docket.Auctions were held with sometimes five or six hundred homes sold in a couple of days for as low as $40,000. These homes were originally purchased for up to $350,000.

The positive side is a correction was necessary as local workers were relegated to trailer parks because of the inflated prices. At this point in time a worker can purchase a new, three bedroom home, some with pools for $50,000.The inventory has been reduced and there appears to be some building now but it will take some more years before the market is stabilized.

America is beginning to show signs of awakening but the recession was much greater than first thought.The nine and a half percent unemployment represents job losses that are not likely to be recaptured when things get better. New job opportunities have to be created and I hope this will happen and with American technology it could.

In the meantime if you need a house in a fine climate come to Cape Coral and enjoy the sun in Paradise.