The global city of Miami is in southeast state of Florida in USA. It is the seat of Miami-Dade County – a region bursting with people and prosperity. Or so it was a couple of years ago. But now another kind of fame has been tagged to the region – bank foreclosures in Miami.

Miami has been synonymous with finance, media, commerce, entertainment and trade. It is this very prosperity that led to innumerable bank foreclosures in Miami today. The Port of Miami adds to its importance making it the meeting point of the Americas, the Caribbean and Hispanic worlds.

The main culprit, causing rise in bank foreclosures in Miami is said to be the recent building boom that it witnessed. Plans are ahead for 24 skyscrapers to kiss the sky. Suddenly building industry is screeching to a halt with the bursting of the housing balloon. Bank foreclosures in Miami are taking its toll. One by one bank foreclosures in Miami are eating into the heart of the city. Miami’s skyscrapers makes it rank third in the country behind New York City and Chicago. But now bank foreclosures in Miami is making it rank among the top three offenders in the country ranking with California, Nevada and Arizona in a close handshake of foreclosures. According to Forbes magazine Miami is said to be cleanest city in America with its green breathing spaces, sparkling drinking water, clean roads and programs running for recycling stuff. Unfortunately bank foreclosures in Miami have cut into city budgetary grants slowing down many projects. The third richest city in the country ranks high because of bank foreclosures in Miami.

By bank foreclosures in Miami is meant all the steps of the judicial process of foreclosure from default and foreclosure notices to auctions and bank repossessions. Bank foreclosures in Miami increased by 108.8% from what it was a year previously.

Luxury Miami Condo Conversion is facing fund problems and this goes to show how far bank foreclosures in Miami have affected the real estate market. Even top locations are being hit by bank foreclosures in Miami. The plan was to convert the Savoy Hotel in the southern beach section of the city into condos and condo hotels. But soon it will be included in the list of bank foreclosures in Miami. The bank is suing the owners for $4.7 million. Slowly the banks are turning their attention to luxury estates no longer content with only the small fry.

Florida Bank Foreclosures by Top Cities

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