I feel the depressed real estate market in Cape May County is du

North Wildwood - I feel the depressed real estate market in Cape May County is due to tougher mortgage qualifications and combined with mandatory flood insurance if you need a mortgage. The flood insurance alone can cost $3-$6,000 a year but that's not the main issue. The main issue is that not many people are willing to spend $250-$500,000 for a secondary home. And since the majority of homes fall in this price range the homes sit on the market much longer, especially in a resort town with little visitors the next eight months. Many who did not get burned in the real estate collapse are glad they sat it out.