Miami Home Foreclosures in a Death Spiral
We're not real estate geniuses here at New Times. Hell, most of us don't even own our own homes. But it doesn't take Donald Trump to realize that the real estate market here in Miami is tanking fast and hard.
According to propertyshark.com, a real estate data site, there were 987 first-time residential foreclosures in Miami-Dade County between January and March of this year — more than in New York City and Seattle.
That's a 30 percent increase in foreclosures from the last quarter of 2006.
According to the report, the local zip code with the most foreclosures was 33177 (right around the area of MetroZoo). Other high-foreclosure areas included Hialeah, Homestead, and El Portal — possibly showing that cash-strapped homeowners in those neighborhoods took out sub-prime loans that ended up being too burdensome.