foreclosure listings increase

The global city of Miami is in southeast Florida and the seat of Miami-Dade County. Miami is the fourth largest urban area in USA ranking after New York City, Los Angeles and Chicago. It is prospering in diverse spheres – finance, international trade, commerce and entertainment. Port of Miami accommodates the largest traffic in cruise ships and is the headquarters of many cruise companies. It has the largest number of international banks in the country.

Considering this story of boom it is surprising that foreclosure listings in Miami are increasing by the day. 24 skyscrapers are being built while it has nine of the ten tallest skyscrapers in Florida. It has also been ranked as ‘America’s Cleanest City’ for its green spaces, clean water, streets and recycling programmes. It is the 3rd richest city in the country and the 22nd richest in the world.

Lately since the last two years innumerable foreclosure listings in Miami has given it a unique position. The houses are listed in the foreclosure listings in Miami when the borrower fails to be current on the mortgage payments. In Florida (mortgage state) the foreclosure listings in Miami have to go through a judicial process. In deed of trust states a third party holds the deed. The houses included in the foreclosure listings in Miami ultimately go up for a Sheriff’s auction. Not all the houses included in the foreclosure listings in Miami however are sold. Sometimes the borrowers reach an agreement with the lender. The banks repossess the houses mentioned in the foreclosure listings in Miami if they are not sold at the auctions.

During the first three months of 2009 Miami and Seattle noted high foreclosure listings according to PropertyShark.com. Miami foreclosure spike has largely been because of over building activity following the flow of sub-prime mortgages. Exotic condos on the waterfront were sold to speculators during the housing boom and zoom years. When values began to fall there were often 3,000 foreclosures in a quarter. This first quarter has seen a hike of 33% in foreclosures from the first quarter of 2008 and 29% jump from the fourth quarter of 2008.

The increase in vacant foreclosed houses is causing innumerable problems. It is attracting crime and disease, pushing down property prices by flooding the market with unsold houses and causing the administration to lose revenue because of sluggish sales.

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