According to RealtyTrac, one in 236 housing units in Miami, Fort Lauderdale and Pompano Beach received a foreclosure filing in June; more than four times that of the national average! Miami’s foreclosure rate ranked at the top of major U.S. metropolitan areas last month. This recent jump can be attributed to the increase in auctions and lenders pushing properties through foreclosure after years of judicial delays.
Prices for single-family homes in the Miami metro area climbed 13 percent in April from a year earlier, the biggest gain among East Coast cities in the S&P/Case-Shiller index of 20 major markets. Home prices are rising and inventory has decreased, making it a perfect sellers’ market.
According to CoreLogic, Florida’s foreclosure inventory was 8.8 percent of its mortgaged homes in May, the highest share of any state and more than double the 4 percent share of second-place Illinois and more than triple the U.S. average of 2.6 percent.
Now that we are seemingly out of the foreclosure crisis, developers are proposing new condo projects. With the decrease in land available to build on, developers are constructing vertically.
Click here to read more on the latest foreclosure trends in Miami.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, www.miamibankruptcy.com.