The real estate troubles spilled out on the stock market last week.
The stock market tumbled as a result of troubles in the subprime mortgage markets. The real estate problems affected homeowners, investors, real estate developers, subprime lenders, builders, some banks, it nows spills into the broad financial markets. Two hedge funds managed by bear stearns are experiencing difficulties due to their investments tied on the real estate market.
Banks operating in South Florida and more specifically in Miami are believed to be well capitalized to face difficulties, in spite of the fact that some banks seem to suffer from loans granted to South Florida real estate developers. Ocean bank is suing a group of South florida real estate developers that just filed for bankrutpcy ( the amount of the loan was $50 million).
Miami real estate - Miami LodgeRealty is a leader in residential and commercial real estate in Miami.