Miami top in US foreclosures

By IVCPOST Staff Reporter

Jul 11, 2013 11:16 PM EDT

In a report where areas were ranked by foreclosure rates released in June, Miami came at the top among major U.S. metropolitan areas in foreclosure filing. The report came as home auctions have tripled around the US. This could be a signal that lenders are intending to put up for sale a backlog of properties in the middle of increasing home prices.

RealtyTrac Inc., a real estate data company, said in a report released yesterday that 1 in 236 housing units obtained a foreclosure filing last month in an area that includes Fort Lauderdale, Pompano Beach, and Miami. The figure is  four times more than the national average. The increase was led by notices of auctions, which is the last step for a bank-owned property or home sale, which went up a staggering 283% from last year, according to RealtyTrac .

Homes in the area have also been quickly acquired by private-equity firms buying houses in large volumes turning them into rentals. Tom Barrack's Colony Capital has been building up properties in the Miami area, as has Blackstone Group, the largest company in the industry.

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