The foreclosure rate in Lee County, Florida showed signs of slowing down in November to levels that haven't been seen in two years. There were 224 less foreclosures in November than in October; however that number still sits at 1,404 foreclosures for the month, according to a report released this week by the Southwest Florida Real Estate Investment Association!

New waves of commercial properties are showing up in the foreclosure statistics and luxury home values are still declining. According to Jeff Tumbarello, director of Southwest Florida Real Estate Investment Association, "Homes above $400,000 are taking a horrific beating." With the unemployment rate continuing to skyrocket, many people are unable to keep up with their mortgages and are walking away from the more expensive homes.

The lower priced homes that are finding themselves in the housing inventory, through foreclosures are the homes that are being bought up rather quickly. However, many are finding that purchasing low priced, distressed property can come with some expensive repairs. The foreclosure problem may be slowing down, but according to Lee County Clerk of Court, Charlie Green, "I think we're going to see 1,200 to 1,600 a month for a while."