Miami Beach Real Estate: Hot line, Hot line

In todays Miami Herald (Wed. June 20) an article in the business section written by Kimberly Miller says that 40% of home sales in the state are foreclosures! In Miami Dade County (or Wade County if you’re a Heat fan) 47% of all home sales were foreclosures. Its interesting to compare that in 2005 less than 1% of Florida home sales were foreclosures. By 2007 it was 4% and last year it was 38%. Don’t fret, Florida wasn’t even in the top three states for distressed home sales. Arizona came in third with 50%, California came in second with a respectable 51%, and the winner (or loser) was Nevada with a whooping 64%.  Nationally 93,777 homes were foreclosed on in May. In Florida it was 10,491 who lost their homes during that same month.  There should be more inventory on the horizon, and where it stops, nobody knows!