We're not real estate geniuses here at New Times. Hell, most of us don't even own our own homes. But it doesn't take Donald Trump to realize that the real estate market here in Miami is tanking fast and hard.
According to propertyshark.com, a real estate data site, there were 987 first-time residential foreclosures in Miami-Dade County between January and March of this year — more than in New York City and Seattle.
That's a 30 percent increase in foreclosures from the last quarter of 2006.
According to the report, the local zip code with the most foreclosures was 33177 (right around the area of MetroZoo). Other high-foreclosure areas included Hialeah, Homestead, and El Portal — possibly showing that cash-strapped homeowners in those neighborhoods took out sub-prime loans that ended up being too burdensome.
Keep Miami New Times Free... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Miami with no paywalls.