Miami Foreclosed Homes Drop Slightly in March
April 24th, 2008 by 
Joseph Smith
While filings of default notices for Miami foreclosed homes were down for the month of March, they are still very high year over year, as the city boast one of the highest rates of foreclosure in the country.
During the month of March, the number of new Miami foreclosed homes fell by roughly 6% to 1,175 homes. Many of these properties are under subprime mortgages or are owned by investors who are unable to flip their properties for anywhere near what they paid for them in the slow market. While the Miami real estate market was on fire during the early part of the decade, it has since bottomed out with property values falling across the board, and many of the newly built homes during the development surge are now found in Miami foreclosure listings.
Miami foreclosed homes currently account for about 1.6% of all properties in the city, creating lots of opportunity for buying at auction. The sheer volume of foreclosed homes for sale in the area is driving down prices even lower than the normal discounts as well, as the volume of homes is remaining just about stable. And the trend is expected to continue, as the first quarter of 2008 saw a 125% rise in foreclosures over the first quarter of 2007.
Florida foreclosed homes are a huge value right now, as the state ranks second in the nation in terms of inventory.
