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Miami is known for many things like its beautiful beaches, trance parties, cool bikinis and much more but now it is in the news due to the rise in Miami foreclosure homes. Off late, there steep rise in Florida bank foreclosures and to a great extent Miami can be held responsible for the increase. Bank foreclosures take place only when homeowners are unable to make their monthly mortgage payments. This is exactly the scenario that has led to the high number of foreclosed homes in Florida.
On one hand, Florida foreclosure homes offer a good investment opportunity and on the other hand, it is causing household markets to crash. The fate of Florida for the time being hangs by a thread as more and more homeowners are defaulting on their loans. The question is how long it will last? Experts believe that this is just the tip of the iceberg and there is much more to come. Since 2006, the rate of increase in interest rates for sub-prime mortgages has led to increase in the rate of delinquencies, which further translate into Miami bank foreclosures.
One of the worst effected areas is the Miami-Dade County, which recorded fourth-highest rate of foreclosure in the state. The number of distressed properties was 9,380 in the last quarter of 2007, which equals to a rate of one per 91 households. It was followed closely by Palm Beach County, which recorded 3,643 home foreclosures equaling a rate of one per 153 households.
These results are truly overwhelming and if it continues like this then Miami will no longer be the haven it used to be.
More Resources
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