Notes from Charlotte County, Florida

"The market correction was the healthiest thing that could happen," says Bob Gray, president of Punta Gorda-Port Charlotte-North Port Association of Realtors. "We have come out of the nose dive and leveled out."

•Sales status. The market has stabilized. In January, Punta Gorda home sales were 12% higher than the same month in 2009.

"People have started to realize that now is the time to grab something, because you can buy a nice house for as little as $100,000 with a pool," Gray says. Punta Gorda, which has waterfront properties, golf and sailboat access, is more affordable than other retiree areas in Florida.

•Price points. Home prices are rising. That might indicate that foreclosures have hit bottom and are no longer a drain on home values. In January, Punta Gorda's median sales price increased 2.6% from a year earlier.

"There has been some evidence that the rate of foreclosure is slowing," says Sean Snaith, economics professor at the University of Central Florida. But job losses and the recession could still drag more homeowners into foreclosure.

•Local economy. Punta Gorda's unemployment rate was 13% in December, higher than the state's 11.8%.

Much of its employment is related to construction and tourism. Some of those jobs disappeared as home buying by retirees stalled. "The influx of retirees has been choked off by the recession, the crisis of the financial markets and the state of the housing markets," Snaith says.

And Punta Gorda's housing market did not get much of a boost from the first-time home buyer tax credit because of rising unemployment, Gray says. "It can be the best deal in the world. But if you don't have a good job or don't have enough income to support a mortgage, nobody is going to lend you money," he says.

•Hot 'hoods. Punta Gorda Isles is a sailboat, waterfront community with an eclectic mix of homes and reasonable prices. It has biking paths, parks and restaurants, Gray says. And it is close to the Gulf of Mexico.

Home prices are now roughly half of what they were at the peak. One waterfront property with three bedrooms and a swimming pool is priced at $199,900.

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