January 15th, 2010 
admin 
Miami foreclosed homes for sale put the area tenth in a ranking of metro areas nationwide based on rates of foreclosure in 2009, based on a report from a California-based foreclosure tracking firm.
A total of 72,391 homes in Miami-Dade County entered foreclosure listings in 2009, a 46-percent jump from filings in 2008 and a substantial increase of 187 percent from filings in 2007.
Nearby counties such as Broward County and Palm Beach County had lower filings, with Broward posting 69,633 foreclosures and Palm Beach posting 30,870 foreclosures. The rate of increases from 2008 was 47 percent and 32 percent, respectively, and increase rates from 2007 were 235 percent and 159 percent, respectively.
Statewide, a total of 516,711 single-family homes and other residential types went into foreclosure in 2009, an increase of 34 percent from filings in 2008. In December, foreclosure activity in the state stepped up by four percent, but fourth-quarter foreclosures slowed down by almost 9 percent compared to the third quarter.
According to foreclosure analysts, despite mediation, moratorium and modification efforts, foreclosure filings in 2009 still hit record levels, with record increases in December. They contend that a huge percentage of delinquent mortgages in 2009 will turn into foreclosures in 2010.
To prevent Miami-Dade courts from being downed by more Miami foreclosed homes for sale in 2010, the county has launched its foreclosure auction website this month to eliminate its case backlog before another huge pile of cases are added.
According to county officials, about 40 houses were successfully sold off through the website on its first auction day. If the website is able to auction off about 200 homes every day, the county will make a dent on its 115,000-case backlog. Miami-Dade is following the example of 11 other Florida counties that have launched successful auction websites.
Housing analysts contend that Miami suffered foreclosures much more sharply than other cities because it overbuilt condo complexes and other multi family homes, in addition to detached residential units.
In a 60-block area of downtown Miami, a total of 23,000 condominium units were built during the boom years. As of the middle of last year, more than 9,000 units are still unsold. Despite the availability of tax incentives for first-time home purchases and sharply reduced prices, thousands of residential units remain vacant because of continued foreclosure activity.
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Tags: Foreclosed Homes, Miami Foreclosed Homes, Rate, Sale Put