Little Sunshine in Miami, Florida

September 5th, 2008 by

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Within the last quarter, one out of every sixty two homes has filed for foreclosure in the Miami area. This, according to a recently released report, lists Miami as the city that is hit the tenth hardest in the country in the current mortgage fiasco. Insurers of mortgages who protect lenders when borrower defaults on a loan are interested in providing help to people in avoiding foreclosure.

The PMI group, one of U.S.A’s largest provider of private mortgage insurance, in collaboration with the Hope Now Alliance, is set to provide information about solutions for home owners struggling with Miami foreclosure homes.They are putting together a group of loss mitigation personnel who are part of some of the county’s biggest lenders. They are to work with home owners from South Florida on 08/23/08 at the Florida International University’s Graham Center Ballrooms.

Home owners attending the meet should take along with them notices of delinquency, information on the loan and any relevant paper work that they think might assist the counselor in analyzing their situation. Getting to the meet early is advised because counseling will be provided on a ‘first come first serve’ basis. Several other workshops for foreclosure prevention have already been conducted by the PMI Group in areas where prices of properties are at a high risk of declining further.

A survey conducted on the risk index by the company recently, which used factors like mortgage and housing markets and income, showed that the Broward and Miami-Dade counties are among urban areas with high probability of going through further decline in prices in the housing sector over the coming two years.

Analysis from the company went on to show that there was close to an 85 chance that prices of Miami-Dade’s homes would fall through 2010’s first quarter.

One of the primary reasons that the prices are falling, is the number of foreclosures that are coming up. Values of homes falling to have been identified by analysts to be a lead predictor of growing rates of home foreclosures. This holds good for Miami foreclosure homes too.

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