South Florida was hit pretty hard by the mortgage crisis; Lee County alone showed that 2,450 foreclosures were filed during the month of May in 2008. However, last month showed a decrease in foreclosures of over 550 less than last year.

The low prices on the real estate market have sparked a rise in home sales, with many of the sales being foreclosures and short sales. According to the Florida Association of Realtors, the median sales price during the month of April was $85,500, which prompted April to be the best month in history for existing home sales in Lee County. 

However, mortgage rates are on the rise which could very well slow down home sales once again.  Many potential home buyers have been waiting until home prices hit "rock bottom", and many feel they may have missed their chance! Get the deals while you can, with the mortgage rates back on the rise, if you keep waiting, you will miss out on the deals that are out there!