Cape Coral/

Fort Meyers, Fla.

This area boasts sandy beaches and the laid-back lifestyle that has attracted snowbirds and even luminaries like Thomas Edison and Henry Ford, who made the area their vacation spot. But it’s also been hit hard by the housing crisis. Home values have plunged and foreclosures have jumped a whopping 442 percent since 2006. It is on Local Market Monitor’s list of overpriced markets, with a 34 percent difference between actual prices and equilibrium; it’s counterpart to the south, Naples, comes in at No. 1.
Median price end of 2007: $ 225,300
Median price end of 2006: $ 258,900
% change: – 13 %
Projected change through Q3 2008: – 17 %
Affordability rating: 5.5
Foreclosures in 2007:
(1 for every 24 households)
12,880
Foreclosures in 2006:
(1 for every 132 households)
2,375
Change in foreclosures: + 442.3%
Current rate comparison
»
Click here for state vs national rates
Price trends

?

June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $258,900
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $225,300
* Median prices for existing single-family homes