Click here to close now.

SYS-CON MEDIA Authors: VictorOps Blog, Tim Hinds, Mike Kavis, Peter Silva, Glenn Rossman

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
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
SYS-CON Events announced today Arista Networks will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Arista Networks was founded to deliver software-driven cloud networking solutions for large data center and computing environments. Arista’s award-winning 10/40/100GbE switches redefine scalability, robustness, and price-performance, with over 3,000 customers and more than three million cloud networking ports depl...
Application metrics, logs, and business KPIs are a goldmine. It’s easy to get started with the ELK stack (Elasticsearch, Logstash and Kibana) – you can see lots of people coming up with impressive dashboards, in less than a day, with no previous experience. Going from proof-of-concept to production tends to be a bit more difficult, unfortunately, and it tends to gobble up our attention, time, and money. In his session at DevOps Summit, Otis Gospodnetić, co-author of Lucene in Action and founder...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along...