Sales of existing homes in Lee County rose sharply in September as prices continued to drop, according to statistics released this morning by the Florida Association of Realtors.
There were 746 houses sold with the help of a Realtor in September, up 9 percent from 684 in August, the association reported.
Meanwhile, the median price dropped 4 percent to $141,400 in September from $146,900 in August.
Prices have been falling since the collapse of the housing market in late 2005. Since the median price reached its all-time high of $322,300 in December 2005, the price has now fallen 56 percent.
This news paired with the start of the Neighborhood Stabilization Program, authorized July 30, 2008, provides governments with a source of funding to respond to rising foreclosures and declining property values.
Florida was allocated $541 million, which includes $91,141,478 awarded to the Department of Community Affairs, under the state’s Community Development Block Grant program, and approximately $450 million allocated directly to 48 local governments.
Eligible uses for the funds include:
• Buying foreclosed homes
• Buying land and property
• Demolishing or rehabilitating abandoned properties
• Offering downpayment and closing cost assistance to low- to moderate-income homebuyers
• Creating “land banks” to assemble, temporarily manage, and dispose of vacant land for the purpose of stabilizing neighborhoods and encouraging re-use or redevelopment of property
All governments must obligate the money within 18 months. If not committed to a program, HUD will recapture the funds and return the money to the taxpayers.
For a complete list of Florida’s city and state governments receiving money along with amount of funds, local foreclosure rates and home abandonment rates (PDF format), go to: HUD Florida city grants. Lee County was allocated over $27 Million in the program, and we are all anxiously awaiting to see how the monies are used locally.
Stephen A. Cunningham; MAI, CCIM
Managing Director
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