Miami Bank Foreclosure Have Hit the Real Estate Market
A popular tourist destination and state that has some of the most modern infrastructures, Florida is reeling under the burden of foreclosed homes. After the increase of foreclosures in Florida in 2006, 2007 was no better for the state. For two straight years, homeowners in Florida have been under the knife and their homes are being put on for auction. Due to the fluctuating rate of interest in sub-prime mortgages, homeowners are finding it extremely tough to make their monthly payments and by the end of 2007, Florida shared the top rank with Nevada where foreclosure homes are concerned.
This is definitely not a pretty sight for the Sunshine State. In fact, Florida contributed majorly to the 2.2 million homes that were filed for foreclosure across the country in 2007. The high number of Florida foreclosure homes is due to the fact that at any point of time in 2007, 2% of homes in this state were in some stage of foreclosure. The final numbers were overwhelming as out of the 279,325 foreclosure filings, 165,291 homes were foreclosed. You can imagine the repository of repossessed homes in the state as of today.
One of the reasons why Florida numbers shot up was due to the high number of Miami bank foreclosures. Miami-Dade County made up for the maximum amount of distressed properties and had the 4th highest rate among other counties. Miami foreclosure homes were recorded to be around 9,380 in the 4th quarter of 2007 and this means that the rate was one per 91 homes. Dade County was followed by Palm Beach County at 13th position as it recorded 3,643 foreclosure filings at a rate of one per 153 homes.
