Florida region 'showing market improvement'

An area of Florida that has suffered heavily in the recent property slump is showing signs that its market has bottomed out and is beginning to recover, it has been claimed.

Speaking to the Fort Myers-based news-press.com, executive vice-president of the Lee Building Industry Association Michael Reitmann commented: "I think we are at the bottom."

President of First Community Bank of Southwest Florida David Hall suggested that a nascent revival could be seen, stating: "I am thinking that the healing process is well on its way."

He noted that cheaper properties that sell for under $100,000 (£61,000) are being sold more quickly than before.

Buying property in the US as a whole has become 11 per cent less expensive for Britons than it was in April, overseas money exchange firm Foreign Currency Direct recently calculated.

This was based on recent trends in US house prices and the rise of the value of sterling, which has cut both the cost of homebuying and that of groceries.