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Posted on Tuesday, 08.11.2009

Foreclosures in Miami - Miami Real Estate

Foreclosures in Miami and even fairly large numbers of Miami real estate properties that are in foreclosure are nothing new to Florida.

What is significant is the speedy increase and sheer volume of foreclosures in Miami. According to the Clerk of Courts, the number of yearly foreclosure filings in the County between 2002 and 2006 averaged approximately 10,000. There were 9,814 filings in 2006. For 2007 that number more than doubled in 2007 to 26,391, it more than doubled again in 2008 to 56,656. The 2008 pace has continued in 2009 with almost 24,000 foreclosure filings in the first five months of the year. The total numbers of yearly filings are graphically represented in the figure below together with the median sales price for single family homes.

Foreclosures in Miami Case Filings and Miami Home Sales



The red dashed line represents the number of foreclosures in Miami case filings measured on the right vertical axis while the yellow bars represent the median Miami real estate properties (homes) process measured on the left vertical axis.

Source: Miami-Dade County Clerk of Courts, Florida Association of Realtors. Miami-Dade County, Department of Planning and Zoning, Research Section 2009.






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