Miami Foreclosure Figures

The folks over at the politically charged ‘Eye on Miami‘ have undertaken some interesting research in the foreclosure figures in Miami.

In the first 4 months of this year we have had 25,577 foreclosures in Miami Dade County. That is almost as many as we had the entire year in 2007 (26,391) and more than 3 times as many as we had the entire year in 2005 (7,829). [...] If we keep up with the current trend, we will close 2009 with more than 75,000 foreclosures.

Miami-Dade could achieve six years worth of foreclosures in just one year. Although we’re assured that the economy is flat-lining and not getting any worse, these figures show that we’re definitely experiencing one of Miami’s real estate bust periods. Yet, even though many of Downtown’s apartments are struggling to fill their vacancies, we’re still building new high rises. I suspect global warming will flood Downtown before it reaches anywhere near capacity.

Read the full article on Eye on Miami