Bank foreclosed home is one of the biggest nightmares for any homeowner and Miami seems be reeling under a long spell of foreclosure nightmare. Foreclosures in the state of Florida started to rise since 2005 and since then it has been taking huge leaps every year and here are some comparison statistics for Miami:
Foreclosure Auctions: Miami contributed to the national average recording some of the highest rate of foreclosures by state in 2008. The county that recorded an increase in foreclosures is Miami-Dade County where the number of foreclosure auctions in April 2008 was 882, which is a jump of 8.75% from March 2008. In March 2008, 811 foreclosed houses in the Miami-Dade County were auctioned and this is a jump of almost 160% since April 2007 when number of foreclosures auctioned was 339.
The total number of foreclosure auctions in Miami-Dade County in the first quarter of 2008 was 2231 as compared to 8877 in Los Angeles, 918 in New York City, while Seattle recorded a low of 385.
In Miami the foreclosure auctions scheduled in the first quarter of 2008 increased by a whopping 126% as compared to the first quarter of 2007. The foreclosures in Miami per household in 2008 were very high and were almost 5 times higher as compared to Seattle and 9 times higher than New York City. As a result on one hand investors are having a great time buying great homes at a low price while homeowners are paying a heavy price for taking ARM for buying their dream homes. Such is the state of affairs in one of the most beautiful cities of South Florida!
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