Foreclosures in Miami are on the Rise

A recent report in the Miami Herald reveals that 19,918 homes slipped into some stage of foreclosure during the first three months of 2010. That is a 60% increase in foreclosure related matters as compared with the three months of the year last year.

In Broward county, the number of homes falling into some stage of foreclosure is even higher – 21,308. And that means the increase is a staggering 67% increase compared with the first three months from last year.

Additionally, banks also repossessed over 9,000 properties in South Florida during the first three months of 2010. Indeed, over 3,500 properties were repossessed in March alone in the tri-county area.

What all those numbers mean is that at least 1 in 45 homes in South Florida are at some stage of the foreclosure process, and the numbers are growing.

Indeed, the foreclosure crises is striking all areas of South Florida. A recent report in the Miami Daily Business Review reveals that while Fisher Island has one of the highest per-capita incomes in the Unite States, the banks are pursuing many Fisher Island homeowners in foreclosure. The same holds true for many other high end South Florida communities such as Gold Beach, Golden Estates and Coral Gables, just to name a few.

With each passing day it becomes abundantly clear that the average person, whether they are wealthy or low income, are over leveraged. That includes the multi-millionaires with multimillion dollar homes.

If you or a loved one are facing a foreclosure, please contact our office today.