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Hialeah Home Foreclosures Still Rule Despite Default Drop

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By : John Cutts    99 or more times read
Hialeah home foreclosures are still dominating the local housing market despite a slowdown in mortgage default in the area, based on data from Default Research and other real estate information providers.

According to a report from Default Research, a total of 4,170 houses in Hialeah received lis pendens notices in 2009, marking a sharp decline from notices in 2008. In Miami-Dade County, where Hialeah is located, total lis pendens dropped 22 percent from 2008 to 25,351 notices in 2009. Across South Florida, lis pendens notices decreased by 13 percent.

Meanwhile, the pace of home foreclosures in Florida declined in January this year compared to the previous month by 15 percent to 47,069 foreclosure postings. Out of these postings, 6,169 are already real estate owned properties, 28,887 are lis pendens and more than 12,000 are notices of foreclosure sales. The statewide foreclosure rate of one in 187 put Florida fourth among states based on pace of foreclosure activity.

However, despite the slowdown in pre-foreclosure in Hialeah, homes in foreclosures are still dominating the Hialeah housing market in February. According to an online real estate firm, about 60 percent of the nearly 7,900 homes available for sale in the local market or about 4,900 housing units are Hialeah home foreclosures.

The domination of foreclosures has pushed down the average home price by almost 14 percent over the past 12 months and by 0.23 percent from December 2009 to $107,062.

According to city records, the percentages of homeowners and renters in Hialeah are about the same at 49 percent and 48 percent, respectively. Hialeah, the fifth biggest city in Florida, is predominantly Hispanic, with around 92 percent of its residents speaking Spanish as their first language.

According to housing analysts, one of the major reasons for the rise in foreclosures in Florida is the decline in tourism, which contributed to record job losses. But based on a new study by the Florida Tourism Board, the drop in tourist arrivals was not as big as previously thought.

Using a new counting formula, Visit Florida said that the decline in tourist visits was only 0.8 percent and not 4.6 percent as earlier reported. According to Dia Kuykendall, spokesperson for Visit Florida, the old method had flaws in the counting of foreign tourists and U.S. visitors.

Miami-Dade County, however, posted only a small decline in tourism arrivals, although the pace of foreclosure still continued and still made Hialeah home foreclosures the dominating subsector in the local market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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