When mentioning the foreclosure crisis it’s hard to think of any positive news. However, recent news reports have provided South Floridians with at least a few reasons to have a sliver of hope. First, its cheaper to buy than rent a home in Miami. Second, at least one economist believes that Miami’s recovery has been better than most people thought.
According to a report released by Trulia.com, Miami tops the list of places in the US where it’s cheaper to own than rent a home. The website noted that the foreclosure crisis forced many homeowners to become renters. The increased demand for rentals caused the cost of rentals to rise. Trulia.com also found that in 72 percent of America’s 50 largest cities , it is more affordable to buy than rent a two bedroom home.
The median sales price for homes in Miami was $185,000, which denotes a 38.3 percent price decrease since the prior year. Perhaps this is good news for those who are seeking to invest in a property they would like to rent.
Mark Vitner, a Wells Fargo economist, may agree that now is the time to invest in Miami. On Friday, Vitner spoke to an audience at the Seminole Hard Rock Hotel & Casino about the state of South Florida’s economy.
Despite ranking near the bottom when it comes to underwater homes, employment rates, and foreclosures, he said Miami has been recovering well. Miami-Dade has posted some of the state’s strongest gains in taxable sales and job creation. Vitner believes that South Florida’s popularity with international tourists, especially those from booming South American economies, has helped Miami through this recession.
The economist stated that international tourism provided a huge boost to travel and retail in Miami. Orlando has also been helped by international tourism. Another reason for the boost in retail sales?
One real estate consultant credits delinquent homeowners who are no longer making mortgage payments, but are spending the money.
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