Miami Bank Foreclosures and Victims of the Mortgage Meltdown

by Donald Hanz on cities

As the sun rose in the breathtaking South Beach, Miami, reality stepped in. With police officers delivering eviction letters, 36 families lost their homes to foreclosure. The sad thing is that not only these families were affected by the enduring crisis in the mortgage industry. Even the law enforcement agencies handling the evictions can be considered to be victims of the subprime meltdown.

Police Officer Fernandez was tasked to serve these evictions – at least one dozen each day. Such task is particularly difficult especially if there were children involved. For these law enforcers, the children are the most unfortunate of all the victims.

In just over a year, the number of foreclosure filings rose up by almost 400 percent. Florida is considered to be among the states hit hardest by the foreclosure mess. It is also depressing that most of these Miami bank foreclosures were once lovely homes. But now, most of these foreclosed properties are abandoned and dilapidated.

Some realtors show up as the locksmiths change the locks on these Miami foreclosure homes. These brokers will try to get these homes listed to give interested buyers more choices to enjoy.

With so many families losing their homes to foreclosure, it is not surprising that the number of Miami foreclosures for sale has increased exponentially. Buyers who are looking to invest in this city should consider the great savings that these foreclosed properties can provide. Asking prices for these homes are even negotiable and buyers always end up with a good deal. Even with the repair costs, buyers will still gain considerable equity on the property. As of April, average home price is at $395,771.

It would certainly help if buyers subscribe to foreclosure listings in order to make their foreclosure search a lot easier. These listings will only be worthwhile if obtained from reliable sources like Bank Foreclosures Sale.