You're first in the nation, Miami! Sadly we are not talking about the Miami Heat, we are talking foreclosures. Florida, during the first quarter, has been America's foreclosure capital, while Miami leads all cities in Florida with a terrifying one in every 79 residences being involved in some sort of foreclosure filing -- more than three times the national average.
During the first quarter, 85,671 Florida residences were wrapped up in some sort of foreclosure filing, a seven percent increase from this time last year, and a 17 percent increase from the year earlier quarter, according to new numbers out this morning from RealtyTrac.
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Six other Florida cities made the Nation's Top ten foreclosure list: Orlando (2), Ocala (3) Tampa (5), Jacksonville (7), Palm-Bay Melobourne-Titusville (8), and Lakeland (10).
All that foreclosure isn't negatively affecting home sales, however. Doug DeWitt, a broker at Concierge Real Estate Services in Miami Beach, tells the Miami Herald of his listings, "It's flying off the shelves. If there is shadow inventory, it's not bogging down the system.''
Nevada falls just behind Florida in first-quarter foreclosures, with Las Vegas ranking fourth in the nation with one in every 99 homes filing.