Welcome!

News Feed Item

Is Miami the Foreclosure Capital of the World?

LOS ANGELES, Nov. 7, 2012 /PRNewswire-iReach/ -- It wasn't the story she was expecting to hear…All Nicky wanted to do was help her daughter – a soon-to-be graduate student at Florida International University – find a place to live for the fall semester. Since she was unfamiliar with Miami's vast landscape, she turned to a realtor. She was counting her lucky stars she had, because she never would have never known about a growing issue otherwise. What was it? Miami renters were finding great apartments, condos, and houses at affordable prices (something that's not always easy to do). They were filling out applications, signing leases, handing over first and last months' rent, and getting their keys. The only problem? Property owners were leaving out one small detail – they were one step away from foreclosure. Within a couple of months, banks were taking over, and renters were out on the streets and out of luck. By the time late summer rolled around, realtors were doing more homework on behalf of their clients. That way, unassuming renters weren't getting blindsided a few months into a pricey lease. But, still, it begs the question – with months chock full of horror stories like these, is Miami the foreclosure capital of the world?  (Rent to own- Is it right for you?)

(Photo: http://photos.prnewswire.com/prnh/20121107/CG08050)

Numbers-wise, you can certainly make that argument. As of August, the rate of foreclosures in the greater Miami area was 16.42%. That accounts for properties in some form of the foreclosure process – not properties that have been completely taken over by the bank. On top of that, a whopping 22.89% of homeowners were at least 90 days delinquent on their mortgages in August. Both of those numbers are significantly higher than the national averages for August – and that's in spite of some of the horror stories we've seen come out of California and Nevada over the past few months. In fact, Florida now leads the way when it comes to foreclosures. Part of the problem stems from the fact that Miami saw some of the biggest home value increases before the bubble burst. Now that values have plummeted, homeowners are left with a huge gap that's much bigger than what people in other areas are dealing with. However, Miami isn't ready to take that foreclosure crown just yet. That's because, as bad as the latest foreclosure numbers are, they're actually an improvement over last year's numbers. In fact, last August, 18.14% of Miami-area mortgages were in some part of the foreclosure process. Additionally, 25.45% of homeowners were at least 90 days delinquent on their mortgages. However, those positive gains could soon turn negative. Why?

South Florida has been hit particularly hard by the bankruptcy bug. According to statistics released last week, Miami-Dade, Broward, and Palm Beach Counties all saw a massive increase in the number of bankruptcies filed during the month of October – a 19% increase, to be exact. That news has local real estate experts and attorneys worried that a surge in foreclosures could soon follow. Miami-Dade County could see the biggest impact, simply because they saw the largest number of bankruptcy filings. However, it's also important to remember that some of these bankruptcies were caused by existing foreclosures – not vice versa. In fact, Miami-area attorneys say that many South Floridians filed for bankruptcy after receiving a final foreclosure notice. As a result, the increase in foreclosures might not be as dramatic as you think. Bottom line – until Miami homeowners can get a handle on the foreclosure-bankruptcy cycle, it's going to be tough for other areas to lay claim to the "Foreclosure Capital of the World" title.

Media Contact: Daniel Torelli RealtyPin.com, 514-836-1432, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE RealtyPin

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud-based NCLC (No-code/low code) application builder platforms empower everyone in the organization to quickly build applications and executable processes that broaden access, deepen collaboration, and enhance transparency for all team members. Line of business owners (LOBO) and operations managers know best their part of the business and their processes. IT departments are beginning to leverage NCLC platforms to empower and enable LOBOs to lead the innovation, transform the organization, an...
The IETF draft standard for M2M certificates is a security solution specifically designed for the demanding needs of IoT/M2M applications. In his session at @ThingsExpo, Brian Romansky, VP of Strategic Technology at TrustPoint Innovation, will explain how M2M certificates can efficiently enable confidentiality, integrity, and authenticity on highly constrained devices.
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vice president of product management, IoT solutions at GlobalSign, will teach IoT developers how t...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
When it comes to IoT in the enterprise, namely the commercial building and hospitality markets, a benefit not getting the attention it deserves is energy efficiency, and IoT's direct impact on a cleaner, greener environment when installed in smart buildings. Until now clean technology was offered piecemeal and led with point solutions that require significant systems integration to orchestrate and deploy. There didn't exist a 'top down' approach that can manage and monitor the way a Smart Buildi...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
The demand for organizations to expand their infrastructure to multiple IT environments like the cloud, on-premise, mobile, bring your own device (BYOD) and the Internet of Things (IoT) continues to grow. As this hybrid infrastructure increases, the challenge to monitor the security of these systems increases in volume and complexity. In his session at 18th Cloud Expo, Stephen Coty, Chief Security Evangelist at Alert Logic, will show how properly configured and managed security architecture can...
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, will discuss how a cloud designed for production operations not only helps accelerate developer...