Housing prices are due for a correction in Lee County says retired newspaper publisher and Fort Myers resident Rick Diamond. He cites rising interest rates and an over-supply of new construction as key causes for this prediction.
Although, I am not in agreement about price declines, I do see a problem in the area of quality job creation. While unemployment remains very low in Southwest Florida and a significant quantity of new jobs are being created, the quality of these jobs is suspect at best.
One has to ponder what it will take to lure major corporations to the area. Is the new airport and the growing presence of Florida Gulf Coast University enough of a draw to attract the likes of an IBM, GE or Bank of America? Only time will tell, but with 500,000 residents now calling Lee County home, we have reached critical mass as a Metropolitan Statistical Area (MSA) and need to attract new businesses to the area.
Home prices due for correction [News-Press]