In Lee County, Florida, as in much of the United States, a surge in housing prices led to a boom in new-housing construction from 2003 to 2007. The median house price in the Ft. Myers area peaked in late 2005 at $322,300. Three years later, it had plummeted to $106,900 resulting in massive foreclosures. The shortage of available construction jobs in the area pushed the unemployment rate in the area to nearly 10% by late 2008. Home values in Florida are not expected to bottom out until at least 2010.