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Plenty of Opportunities in Bank Owned Properties in Miami

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By : Allana Castro    99 or more times read
There are still plenty of investment opportunities in bank owned properties in Miami as the Miami-Fort Lauderdale metro area was still among the top ten metropolitan areas which posted the highest rates of foreclosure in June. The Miami metro area ranked tenth in the nation, with one foreclosure posting for every 26 residential units in the area or 3.89 percent of all units.

Similarly, the number of Florida bank owned homes was still among the highest in the nation in June, with 12,936 residential units entering bank foreclosure listings, accounting for 15.12 percent of the 85,525 homes nationwide that were repossessed by lenders during the month.

A total of 51,550 homes were notified of default, foreclosure sale or repossession in June, up by almost two percent from May, but down by almost three percent from June 2009. More than 16,000 homes were posted for foreclosure auction and more than 22,000 were given lis pendens notices.

With one foreclosure posting for every 171 homes in June, Florida ranked second to Nevada, which posted a foreclosure rate of one filing for every 88 homes.

In the April to June quarter, a total of 32,867 homes in Florida became bank owned houses, making up 12.18 percent of the 269,962 homes taken back by lenders during the quarter. A large percentage of these REO homes were bank owned properties in Miami as this city was still among several Florida cities occupying nationwide foreclosure charts.

In addition to distressed single-family homes, large numbers of condos were also entering foreclosure listings, as unemployed unit owners could no longer afford to make mortgage payments.

Almost 4,000 distressed homes in Miami-Dade County were sold off in the January to March quarter, comprising 36 percent of the nearly 11,000 distressed homes sold in the South Florida region during the quarter. These short sale homes and bank owned properties in Miami were sold off at an average price of $141,921, lower by almost 40 percent than the average price for non-distressed homes.
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