Miami Leads the Nation in High-End Foreclosures
It's not just the lower classes that continue to get hit hard by foreclosures in South Florida. The Miami-Fort Lauderdale metro area leads the nation in foreclosures on properties worth more than $5 million, according to real estate website RealtyTrac. In fact, about a fourth of all high-end foreclosures in the last year have been on properties in the area.
Of course, those foreclosures are rare. In the entire country there were a little less than 200 such foreclosures in the past year. Total foreclosures reached about 1.2 million.
Forty-seven of those were in the Miami area. In fact, Florida and California make up about 60 percent of all foreclosures.
However, high-end foreclosures are on the rise. In Miami, they're up 488 percent over the previous year.
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"This trend may indicate lenders are now financially stable enough to more comfortably weather the big-ticket losses that these properties potentially represent," writes RealtyTrac. "In addition, an improving housing market means more prospective buyers, even for these ultra high-end properties -- which includes both homes and commercial properties."
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