Real Estate

Miami Ranks Fifth in Foreclosures As Florida Reigns As Underwater Real Estate Capital

With Miami's luxury market going bananas again and Indian Creek mansions hawking for $47 million a pop, it's easy to forget that the average Dade homeowner is still deeper underwater than James Cameron's submarine. In fact, a new report out this morning says Miami now has the fifth highest rate of foreclosures in the whole country.

Florida, meanwhile, has wrested back the title of America's foreclosure capital from California.

The new report, from analytics company RealityTrac, finds that nationwide the real estate market has vastly improved; on the whole, foreclosures are down 19 percent from last November.

But that trend hasn't found its way to Florida's historically popped real estate bubble. In fact, of the ten U.S. cities with the highest rates of foreclosure, seven are in the Sunshine State.

Topping the list is the metro area of Palm Bay-Melbourne-Titusville, where one in every 158 houses are in foreclosure -- a staggering four times the national average, RealityTrac reports.

The Miami-Fort Lauderdale-Palm Beach metro clocks in at fifth with one in every 260 houses in the bank's grasp. Other top Florida metros include Ocala (No. 2), Jacksonville (No. 4), Sarasota (No. 8), and Gainesville (No. 10).

Most amazingly of all, as the national average falls steeply, Florida's statewide foreclosures actually rose by 6 percent compared to last November. One in every 304 homes in the state are in foreclosure, double the national average, RealityTrac says.

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Tim Elfrink is a former investigative reporter and managing editor for Miami New Times. He has won the George Polk Award and was a finalist for the Goldsmith Prize for Investigative Reporting.
Contact: Tim Elfrink