Here is a history of foreclosures in Miami Dade County:
 |
| Half a many in 2010. A good sign? |
 |
| Oops...spoke too soon, back up. |
In 2012 we are back up to our 2007 level of 26,000. We have 2,000 already this month. What gives? The
Miami Herald says Florida leads the nation in foreclosure activity:
Florida’s dubious distinction came as the state logged the highest foreclosure rate in the nation for the fifth consecutive month, said RealtyTrac, which is based in Irvine, Calif. One in every 300 Florida homes received some type of foreclosure filing in January. That is more than twice the national average.
California led the nation in foreclosures since 2007, now we are the leaders: Number one again!
8 comments:
Due to a very new state legislation the courts are pushing foreclosures forward giving judges power to fast track foreclosure proceedings, bypassing laws, procedure, due process and infringing rights of many (homeowners and bans) in quick express non jury trials. This will lead to another real estate crash in Florida as well as many more lawsuits and even more homeless.
Oppenheimer has a blog and writes article for US News. It's frightening what I'm reading about what the courts down here are doing. They are literally trampling on due process.
His blog, if I remember right, it's the South Florida Lawyers blog, he may have links to his articles about this issue which will make you think twice when you want your day in court!
last year lots of "financial tv people" kept talking about the "shadow inventory" being held by banks; even more new filings now? oy. would be interesting to find a chart that compares foreclosure filings to ARM's being reset because the banks refuse to re-fi folks. i'm one of the dumb ones who stayed in my underwater mortgaged home but thru HARP 2.0 was finally able to re-fi to a lower interest rate; all because I was stupid and put 20% down when I bought the house; if I had only listened to the banker who kept asking why I would want to put any money down.....I would have walked away like so many others. The value of my property fell by 2/3's at the lowest point, but seems to have come back somewhat. What I can say is it appears the crisis has benefited investors able to pay cash and turn SFH's into rentals. When you pay cash, you don't need no stinkin Windstorm insurance..
Who instituted a fast track court, sounds like kangaroo courts. Follow the money.
The Banks, who got off too easy, who then lobbied Washington & Tallahassee and every other major State!
Did I guess right?
In Miami Dade - perhaps the lobbyist et al group of Ron Book at the US Century slime........
That's my second guess on a more local level!
Wow, how about fast track everything, fast track capital punishment, fast track divorce, fast track garnishment of wages, fast track graft, fraud, corruption trials......
I was looking at The Shores in Keys Gate yesterday on zillow. The amount of houses that were for sale in there was astonishing, but what was so amazing was the fact that they were almost totally with pending sales. The surrounding developments seemed more stable with not as many homes on the market and but also with pending sales.
The shores was a neighborhood that was among the three last built in keys gate. There was many speculator houses bought as the market started to rise and people grabbed houses. Then other people came along bought the same houses with inflated prices from the speculators...that is when The Shores became a foreclosure and section 8 haven. The original homeowners who are still remaining are still waiting for the promised pool and club house they were sold when they bought their presale homes. Where did the money go for the clubhouse. I understand a certain developer took the money from the builder and never finished the clubhouse .... Screwing a lot of folks.
There is plenty of blame to go all around on this one. In the 80's and 90's we pushed an agenda that everybody should be able to own a home (including those who were not credit worthy.) In reality, CRA was a lot of CRAP. We started telling banks not to redline, then we deregulated, then red-lining became green-lining and we put it on steroids with Intrastate Banking regulated by an incompetent Federal Government. Bank with your local community bank, folks, while there are still a few of them out there for you to pick from. They are over-regulated and under-appreciated.
Post a Comment