The global city of Miami in Florida State of USA is the country seat of Miami-Dade County. Miami is an important hub for finance, commerce, media, international trade and entertainment. Many banks, financial institutions and television centres have their headquarters in the city. Lately Miami has been witnessing a building boom. Two dozen skyscrapers are under construction making the skyline in Miami the third highest after New York City and Chicago.
Today Miami house foreclosure is giving it another sort of fame. The rising number of properties is because of the housing crisis sweeping all over the country. Florida is one of the worst affected states. It is the housing boom in Florida that has brought about this menace of house foreclosure. From first time nest builders to speculators everybody jostled at the real estate market. Credit flowed in from banks and there was a bonanza of buying as prices soared. But when the bubble burst with borrowers being unable to pay mortgage dues, Miami house foreclosure began to surface. With each passing day more and more Miami house foreclosure were reported. Miami house foreclosure brought down the city together with Florida on its knees. Now there are no buyers of Miami house foreclosure .
A recent survey conducted by PropertyShark shows that during the first few months of 2009 foreclosure rates have sharply spiked in the major cities of USA. Foreclosures shot up by about 31% during the first quarter of this year. In Los Angeles and New York City the increase was by about 56% respectively. In Queens, New York the increase was by 91%.
Miami witnessed the steepest quarterly foreclosure rate count. In the Miami-Dade County there were 987 home auctions during the first three months and this calculated to a rate of 127 foreclosures for every 1,000 houses. The rate in Miami is higher in comparison to the national average. This is a fall out from the boom years when people flocked to buy houses in Miami.
The condos are the worst affected. The government has been forced to cut off water supply to Mirassou Condominium, Northwest Miami-Dade County, this April, because the condo association failed to meet the water bills. This is the first time such an incident has happened and may be not the last.
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