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Miami Foreclosure Putting Pressure on the Court to Create Great Opportunities for Investors

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By : Julie Thompson    99 or more times read
Real estate investors are people who make the most out of the increasing foreclosure homes. However, for courts, increasing foreclosure homes in Miami means more workload and pressure. On the seventh floor of a municipal building situated on W. Flagler Street, the number of files is increasing beyond reach as foreclosure cases in Miami-Dade County are on the rise and the files are putting pressure on the court.

It took eight long months for the employees to transfer all the foreclosure documents from one building to the other, according to county officials. In last February, the transfer process was completed, and it was appearing under control. However, with the increasing number of foreclosure filings, the pile is heaping up and nothing seems to be under control.

Harvey Ruvin, who is the clerk of the court for Miami-Dade County, said that since the beginning of the housing crisis, on an average, 8,000 foreclosure filings were being submitted every month to the county. At present, there are 125,000 pending foreclosure files with more pouring in. The documents are just piling up. Despite the decline in the foreclosure rate across the country, Miami is still facing the rise in foreclosure homes and default households. In comparison with January, the foreclosure filings increased to 6,671 filings in February by an overwhelming 44 percent. For prospective investors who are willing to buy foreclosed homes that are up for sale, in Miami there are 40,598 household units available, according to the reports of local realtors.

Despite the slowdown in other foreclosure hit states like Arizona and California, the Florida foreclosure situation still surged in February. Compared to February last year and January 2010. Florida marked a jump of 17 percent and 15 percent respectively in foreclosure rates.

More than 54,000 Florida households received notice about coming under the bank foreclosure listings and being defaulters. Based on the rate of foreclosure, after Nevada and Arizona, Florida ranked third with one household out of every 163 homes that were in default for making payments, or in foreclosure. Moreover, without any marked improvements in the unemployment front, Florida was mostly affected by the misjudgment in overbuilding real estate properties in cities and beachfront where many condominium complexes are developed.

In the county of Miami-Dade, recently a condominium foreclosure action happened. As the developer of the complex owed $26.4 million to Capital Loft, 47 unsold units might come under the foreclosure listings soon.
Julie Thompson, has been working on studying the foreclosures market, helping buyers on the finer points of foreclosed homes..

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