August 5, 2015 Posted by Matt

Lee and Collier Counties were hit pretty hard by foreclosures during the recession.  Many homeowners purchased a property at the height of the market.  When the economy tanked, home values followed suit.  As a result, many homeowners had underwater mortgages.  A recent report by RealtyTrac showed 23.5 percent of Lee County Homes are seriously underwater which means the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value.  In Collier County, only 16 percent of homes are seriously underwater.  Finally, in Charlotte County, 17.6 percent of homes were deemed seriously underwater.