The Real Deal Miami

Miami foreclosures hit two-year high

By Sara Polsky | April 02, 2009 03:31PM

Miami remained beset by foreclosures in the first quarter of this year, seeing 2,961 properties scheduled for foreclosure auction for the first time, according to a quarterly foreclosure report from The foreclosure tally is 29 percent higher than in the fourth quarter of 2008 and 33 percent higher than at this time last year.

“I just was not expecting this,” said Bill Staniford, CEO of PropertyShark. “I really thought that we were towards the bottom of the foreclosure market in Miami.” 

Staniford said layoffs may be to blame for Miami’s still-rising foreclosure tide. And “that’s a bad sign,” he said, because when foreclosures are driven by larger economic problems, “these things tend to compound themselves. I think it’s going to stay at these levels.”

But on the bright side, Staniford said, opportunities are increasing for investors in Miami.