It seems impossible that there are many cheap foreclosure homes in Miami. Few years ago prices were spiraling and nobody would have believed that a time would come when there would be plenty of cheap foreclosure homes in Miami. But thanks to the housing crisis there is a surfeit of cheap foreclosure homes in Miami.

Miami is a city in Florida State lying to the south west of USA. It is the seat of Miami-Dade County. Miami is a prosperous booming city or was so until the cloud of foreclosures began to hang over it leading to cheap foreclosure homes in Miami. It was the very success story of Miami that attracted speculation. In search of quick turnovers, fueled by spiraling rising property prices fed by easy sub-prime mortgages investors jumped in. New areas began to develop. There was frenetic activity. But the bubble burst following the inevitable law of economics. With the increase in sub-prime mortgage interest rates, thousands failed to comply and this resulted in cheap foreclosure homes in Miami. The glee of the lenders soon turned to groans as they became weighed down by foreclosed houses. This caused a glut in the market that resulted in cheap foreclosure homes in Miami.

It defies logic that Miami with 24 skyscrapers making its skyline rank 3rd, boasting of having been ranked as America’s Cleanest City by Forbes Magazine and having been placed as the 3rd richest cit in the country should now rank among the top three mortgage offenders because of cheap foreclosure homes in Miami. There are so many cheap foreclosure homes in Miami that the lenders cannot look after them – just does not have the infrastructure for doing so. Cheap foreclosure homes in Miami lying vacant attract crime and disease. As such the authorities have swung into action by having cheap foreclosure homes in Miami demolished. In 2007 there had been a 92% increase of cheap foreclosure homes in Miami. This year the number of cheap foreclosure homes in Miami is worse. Currently in there are 4,885 cheap foreclosure homes in Miami as per findings of ReatlyTrac.

The only way the real estate market can level is by luring buyers. Banks desperate to get rid of the rising number of foreclosed houses are offering heavy discounts. Realtors appointed by banks are organizing bus tours – some of which are free with lunch thrown in. In South Florida 1,143 houses were repossessed in March 2008 showing an alarming spike of 317% from March 2007.

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