Foreclosures: fewer, but bigger

Lee County has been one of Florida's foreclosure hot spots, but the number of foreclosures has fallen substantially so far this year.

Now, says market watcher Jeff Tumbarello with the Southwest Florida Real Estate Investment Association, the foreclosures are mostly higher-end homes and commercial properties.

“There is a second bump,” Tumbarello says recently. “There's been some large-principal balance foreclosures, both residential and commercial,” he says.

Still, Tumbarello says he doesn't expect another flood of foreclosures. “We're processing more than we're taking in,” he says. “There is some more to come, but you have to really put it into perspective that you're staring at the tail end of the monster and not the front shoulders.”

Tumbarello is watching a few signs closely that will reveal the state of the foreclosure market. One indicator will be any slow-down by foreclosure leader Bank of America.