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February, 2011
The absorption rate dropped across the board in Lee and Collier as the supply remained about the same and the amount of pendings over the last 30 days have gone up. There is still 10,000 - 12,000 foreclosures backlogged at the court house, and the Lee Court house calendar in February and March does not yet show them coming through the system in big numbers, averaging about 20 per day in February. Before the fall, we would average over 100 per day at the court house.
Lot prices continue to go down as low demand and a high supply continue.
When short sales took 4 - 6 months to close with a 25% success rate, it now appears that banks are getting them done faster, and with a higher success rate, which makes short sale offers a bit more appealing than before.
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Thank you - Danke.