Over the last year, a majority of the homes that are in the foreclosure process or have foreclosed have been on the middle to lower end of the price range. Here in Lee County, Florida however, we are beginning to see a wave of high-end foreclosures being filed. This wave is pulling down the prices of the homes in Ft. Myers, Cape Coral and Lehigh Acres, in the next few months that expensive beach front property may not be so out of reach for potential homebuyers looking for a deal.

Although the overall number of foreclosures has lessened, in recent months it's the $200,000 - $300,000 homes that are falling into foreclosure. According to Jeff Tumbarello, the director of the SW Florida Real Estate Investment Association, a company that compiles monthly statistics on foreclosures, one third of the homes that fell into foreclosure in the past six months have been pool homes.

New construction is also on the rise in Lee County, however the homes that are being built now will have a run for their money as this new wave of high-end foreclosures hits the market. Up until recently the homes in inventory have been subprime mortgages for less expensive homes, but now the prime loans are beginning to enter the market adding competition to the homebuilders.