SYS-CON MEDIA Authors: Sean Houghton, Glenn Rossman, Ignacio M. Llorente, Xenia von Wedel, Peter Silva

News Feed Item

Is Miami the Foreclosure Capital of the World?

LOS ANGELES, Nov. 7, 2012 /PRNewswire-iReach/ -- It wasn't the story she was expecting to hear…All Nicky wanted to do was help her daughter – a soon-to-be graduate student at Florida International University – find a place to live for the fall semester. Since she was unfamiliar with Miami's vast landscape, she turned to a realtor. She was counting her lucky stars she had, because she never would have never known about a growing issue otherwise. What was it? Miami renters were finding great apartments, condos, and houses at affordable prices (something that's not always easy to do). They were filling out applications, signing leases, handing over first and last months' rent, and getting their keys. The only problem? Property owners were leaving out one small detail – they were one step away from foreclosure. Within a couple of months, banks were taking over, and renters were out on the streets and out of luck. By the time late summer rolled around, realtors were doing more homework on behalf of their clients. That way, unassuming renters weren't getting blindsided a few months into a pricey lease. But, still, it begs the question – with months chock full of horror stories like these, is Miami the foreclosure capital of the world?  (Rent to own- Is it right for you?)

(Photo: http://photos.prnewswire.com/prnh/20121107/CG08050)

Numbers-wise, you can certainly make that argument. As of August, the rate of foreclosures in the greater Miami area was 16.42%. That accounts for properties in some form of the foreclosure process – not properties that have been completely taken over by the bank. On top of that, a whopping 22.89% of homeowners were at least 90 days delinquent on their mortgages in August. Both of those numbers are significantly higher than the national averages for August – and that's in spite of some of the horror stories we've seen come out of California and Nevada over the past few months. In fact, Florida now leads the way when it comes to foreclosures. Part of the problem stems from the fact that Miami saw some of the biggest home value increases before the bubble burst. Now that values have plummeted, homeowners are left with a huge gap that's much bigger than what people in other areas are dealing with. However, Miami isn't ready to take that foreclosure crown just yet. That's because, as bad as the latest foreclosure numbers are, they're actually an improvement over last year's numbers. In fact, last August, 18.14% of Miami-area mortgages were in some part of the foreclosure process. Additionally, 25.45% of homeowners were at least 90 days delinquent on their mortgages. However, those positive gains could soon turn negative. Why?

South Florida has been hit particularly hard by the bankruptcy bug. According to statistics released last week, Miami-Dade, Broward, and Palm Beach Counties all saw a massive increase in the number of bankruptcies filed during the month of October – a 19% increase, to be exact. That news has local real estate experts and attorneys worried that a surge in foreclosures could soon follow. Miami-Dade County could see the biggest impact, simply because they saw the largest number of bankruptcy filings. However, it's also important to remember that some of these bankruptcies were caused by existing foreclosures – not vice versa. In fact, Miami-area attorneys say that many South Floridians filed for bankruptcy after receiving a final foreclosure notice. As a result, the increase in foreclosures might not be as dramatic as you think. Bottom line – until Miami homeowners can get a handle on the foreclosure-bankruptcy cycle, it's going to be tough for other areas to lay claim to the "Foreclosure Capital of the World" title.

Media Contact: Daniel Torelli RealtyPin.com, 514-836-1432, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE RealtyPin

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
ScriptRock makes GuardRail, a DevOps-ready platform for configuration monitoring. Realizing we were spending way too much time digging up, cataloguing, and tracking machine configurations, we began writing our own scripts and tools to handle what is normally an enormous chore. Then we took the concept a step further, giving it a beautiful interface and making it simple enough for our bosses to understand. We named it GuardRail after its function - to allow businesses to move fast and stay sa...
SYS-CON Media announced today that Sematext launched a popular blog feed on DevOps Journal with over 6,000 story reads over the weekend. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting an...
Lori MacVittie is responsible for education and evangelism of application services available across F5's entire product suite. Her role includes authorship of technical materials and participation in a number of community-based forums and industry standards organizations, among other efforts. MacVittie has extensive programming experience as an application architect, as well as network and systems development and administration expertise. Prior to joining F5, MacVittie was an award-winning Senio...
SYS-CON Media announced today that Skytap blog on "DevOps Journal" exceeded 84,000 story reads. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Noel Wurst is the managing content editor at Skytap. Skytap provides SaaS-based dev/test environments to the enterprise. Skytap solution removes the inefficiencies and constraints that comp...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
SYS-CON Events announced today that Cloudian, Inc., the leading provider of hybrid cloud storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cloudian, Inc., is a Foster City, California - based software company specializing in cloud storage software. The main product is Cloudian, an Amazon S3-compliant cloud object storage platform, the bedrock of cloud computing systems, that enables c...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
In high-production environments where release cycles are measured in hours or minutes — not days or weeks — there's little room for mistakes and no room for confusion. Everyone has to understand what's happening, in real time, and have the means to do whatever is necessary to keep applications up and running optimally. DevOps is a high-stakes world, but done well, it delivers the agility and performance to significantly impact business competitiveness.
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...