Introduction
In January of 2002, the median home price in Cape Coral, Florida was $120,000. By January of 2006, this figure had increased to $295,000. In January of 2011, housing prices reached a 10-year low of $106,000. Currently, one in every 35 homes in Cape Coral, Florida is foreclosed; nearly four times the national average.
Since its inception in 1958, Cape Coral, FL has known no other existence than one of volatile real estate speculation. Baltimore entrepreneurs Leonard and Jack Rosen, who precariously created Cape Coral from their purchase of Redfish Point in 1957, set in motion a real estate development plan that has maintained a venturesome temperament to the present day. As a result, when the housing market began to collapse in 2007, Lee County Florida where Cape Coral resides, which had previously led the United States in home sales, subsequently led the country in foreclosures.
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