Lee County, Fla. - Right now, there are 16,000 single-family homes and more than 8,000 condos on the market in Lee County - not a pretty real estate picture. But there is a silver lining. People who are buying now are finding some incredible deals.

WINK News turned to Denny Grimes Realty and the Ellis Team in Lee County to do some research on what's for sale now, compared to actual sales two to three years ago.

This will give you an idea of how things have changed. In November of 2005, no homes sold in Cape Coral for less than $150,000. Only five sold for under $150,000 in Lehigh Acres.

Right now, owners are trying to sell nearly 600 homes in Lehigh Acres for under $150,000, and dozens more in Cape Coral.

"For example, in Lehigh, used to be, you couldn't find much under 265 or 270. That was the magic point. Now, those same places are 150. Same thing in Cape Coral," says Realtor Brett Ellis.

One family WINK News spoke with bought a home in Lehigh two years ago for $225,000. Then Jules Cassion lost his job, and now, he says he can't even get a nibble trying to sell for under $150,000.

"I feel bad about it. I paid 225. Now people are paying 145 or 150 to get the same house I have!," says Cassion.

It's happening to a lot of homeowners who got caught up in the buying frenzy.

Ellis calls it a "crash," not a correction, but he believes we're finally hitting the long-anticipated bottom of the market.

"We may bounce along the bottom in 08, but a lot of real estate and mortgage people have gotten out of the business, so I think we will get back to something like normal. That's all we can ask for," says Ellis.

This means buyers have a lot to pick from at 2003 prices or even lower.

Banks are foreclosing on many homes, and they're willing to do a 'short-sale' on some of those properties. That means un-loading the house at even less than market value. That spells even better bargains for buyers and more pain for sellers.