Tuesday, July 28, 2009

Keyhole to the Future?

What the housing turnaround will look like

Cape Coral, Fla., not long ago one of the foreclosure capitals of America, is now seeing a rebound as home prices hit once-in-a-generation lows.

Real estate agent Denny Grimes got 34 offers in two weeks on a foreclosed home in Cape Coral, Fla. He said one of the open houses was so frenetic that it was like a tryout for 'American Idol.'

Grimes notes that at the peak of the market in 2006, only 12 homes in the entire county were selling for under $100,000. Now there are 3,554 listed. At least 50 homes are selling for under $25,000.


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