Could High Foreclosures in Other Areas Hurt Miami’s Recovering Market?

by Isaac Benmergui, Esq on July 3, 2012

With all the good news coming out of the Miami real estate market about booming sales, bidding wars and low available inventory of properties, other areas are seeing an uptick in the number of foreclosures. Last month the Inland Empire area outside of Los Angeles saw the number of foreclosures rise dramatically from their previous steady decline. This past week, the Denver market reported it is poised for a new wave of foreclosures with its deed-of-trust assignments having doubled in the first five months of 2012, a sure sign of impending foreclosure activity.

Miami’s housing market has benefited greatly from the infusion of cash from the zealous interest of Latin Americans to own a piece of bargain-priced sun, sand and luxury living, but prices of its luxury condominiums have skyrocketed so high and fast, that another bust could be looming. If that happens, and other major markets plunge into higher waves of foreclosures, the recovery that seemed to be going so well could wipe out all signs that a recovery had ever started.

Getting Legal Help

If you’re looking for your new home, the law offices of Isaac Benmergui can help ensure you receive clear and free title with a thorough review of closing documents. Call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

Previous post:

Next post: