The average monthly foreclosure in Lee County, Florida is 2,000, earning the county a consistent place among the top five major areas in the country with high number of bank foreclosures for sale.

The foreclosure crisis may bring anxiety and displacement to some homeowners, but it opens a door of homeownership opportunity for others. The housing market in Lee County has become interesting to potential homebuyers, particularly with its low median price for existing single-family houses. Last month, the median single-family home price was $87,900, a substantial decline from $172,400 the same month a year ago.

Industry experts suggest that because Lee received about $18.2 million federal grant to buy and sell bank foreclosure for sales, county officials should focus on making smart choices and decisions.

The funding is made possible by the Neighborhood Stabilization Program (NSP) under the U.S. Department of Housing and Urban Development (HUD). The program requires quick action on recipients, requiring the designation of funds by July 2010 and subsequent spending within four years.

Florida Housing Coalition director Gladys Schneider pointed out that the NSP is an economic stimulus initiative and not a housing program. She added that the purpose of the program is to boost the financial market and uplift the local economy.

To be able to purchase NSP properties, potential homebuyers should belong in the low-income level. This means that a family of four should earn an annual household income of $30,350 to be able to qualify for the NSP. Moderate income buyers or those who have an annual income of $72,850 are also eligible for the program.

Under the program, 25 percent of funds are allotted for low-income buyers. All potential buyers are required to undergo an eight-hour ownership course.

The NSP is designed in such a way that it will allow the government to collaborate with real estate professionals, the banking community and contractors who will handle the rehabilitation of bank foreclosures for sale.

The purchase price of a property under NSP should not be more than 15 percent of the appraised value.

Meanwhile, Lee County has bought four bank foreclosures for sale and two have been rehabilitated. Housing manager Shawn Tan said that buying 115 homes, rehabilitating and selling them is on the plan of Lee County.