There was a nearly 27-month supply of existing single-family homes on the Fort Myers market last month compared to a three-month supply at the height of the local boom in housing in August 2005, according to Denny Grimes, a top real estate agent in Fort Myers.
At the same time, more than 40 percent of single-family homes were listed at prices below $250,000 versus just 18 percent at the market peak.
"There's a lot of blood in the water and there's a lot more to come," Grimes said.
Fort Myers "is by far the worst housing market that we're in," J. Larry Sorsby, executive vice president and chief financial officer of home builder Hovnanian Enterprises Inc., told Reuters.
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a task force working with the Drug Enforcement Administration has raided 25 grow houses in Lee County so far this year.