foreclosure homes

Homestead City is in Miami-Dade County of Florida – an idyllic urban sprawl nesting between Biscayne National Park and the Everglades National Park. It is the second oldest city in the county ranking second to Miami.

During the heydays of Florida prosperity Homestead had seen halcyon days but today the trend has reversed and winter has overtaken summer bloom. Homestead foreclosure homes are hitting the headlines. It is part of the foreclosure tsunami sweeping across USA. Some opine that Homestead foreclosure homes targeted the weaker section.

Surveying the vacant derelict Homestead foreclosure homes it seems as if a hurricane has mowed through the city like Hurricane Andrew once did leveling southern parts of Miami-Dade County 17 years ago. In certain zip code areas of Homestead as well as Florida nearly 25% of the houses are in some stage of foreclosure. The Homestead foreclosure homes seen today dotting the landscape were mostly built by developers during the time of the housing boom. The ghostly sub-divisions look eerie with vacant Homestead foreclosure homes. There are no buyers to be seen angling to purchase the Homestead foreclosure homes.

The people are confused and not understanding why they have come to such a pass. Jose Reina bought a two storey house in The Oasis subdivision of Homestead in 2006 but today the value of the unit has gone down from $352,000 to $147,000. Even then he cannot get a buyer. After buying the house many fancy additions and alterations were made but to no avail. The worth of the property is continuously going down. Jose feels it will be much cheaper to pay rent than to continue with the exorbitant mortgage remittances. Jose is resigned to the fact that the market will not easily pick up and it will be years before he can get a proper buyer for his property. Meanwhile he feels concerned looking at the empty foreclosed houses encircling him – threatening real estate value and the security of the neighbourhood. For him the situation is almost terrifying.

The blame for the crisis of Homestead foreclosure homes is not only because of the banks but developers and local officials who inked the projects are equally responsible. Since October 2008, about 2,2,57 units have been foreclosed upon in Homestead City. Mayor Linda Bell is hopeful about the future of Homestead with $3 million rolling in from federal funds to tackle the problem of Homestead foreclosure homes. The city officials have recently put a ban on new constructions.

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