Miami Leads the Nation in High-End Foreclosures

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It's not just the lower classes that continue to get hit hard by foreclosures in South Florida. The Miami-Fort Lauderdale metro area leads the nation in foreclosures on properties worth more than $5 million, according to real estate website RealtyTrac. In fact, about a fourth of all high-end foreclosures in the last year have been on properties in the area.

Of course, those foreclosures are rare. In the entire country there were a little less than 200 such foreclosures in the past year. Total foreclosures reached about 1.2 million.

Forty-seven of those were in the Miami area. In fact, Florida and California make up about 60 percent of all foreclosures.

However, high-end foreclosures are on the rise. In Miami, they're up 488 percent over the previous year.

"This trend may indicate lenders are now financially stable enough to more comfortably weather the big-ticket losses that these properties potentially represent," writes RealtyTrac. "In addition, an improving housing market means more prospective buyers, even for these ultra high-end properties -- which includes both homes and commercial properties."

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frankd4 topcommenter

......................well i guess my friend CARLOS the parking valet will finally after six (6) years be booted out of his multimillion dollar penthouse condo he "bought" with a no money down 100 % mortgage financed with a liar loan that the bank helped him fill out

CARLOS intended to "flip" the unit for a profit and was able to also purchase three other condo units back in the day to do the same but then things went bust

however CARLOS managed to live in the penthouse all these years by just paying ONLY the monthly condo maintenance fee and his utilities, water and electric, CARLOS never paid real estate taxes OR the mortgage - ever !

the funny part of it is those same condo units were counted towards the real estate BOOM and reported resurgance of MIAMI in general (when all the while the figures were fudged by a couple of guys like CARLOS)

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