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Miami Bank Foreclosures Leading to Widespread Evictions

With the rate of Miami bank foreclosures and other foreclosures in South Florida one of the highest for a metropolitan area anywhere in the country, there are all kinds of homes coming onto the market. But what often gets overlooked when we hear about foreclosure statistics for the area is the remarkable amount of people who are being evicted and have nowhere to go after bank foreclosures take place.

Eviction officers are saying that in no point during their careers have they ever had to put as many people out as they do nowadays. For Miami-Dade county, there were already 4,726 evictions during the first four months of 2008, a number that is up by 1,157 over the same period in 2007.

Some people who are not even homeowners are getting evicted due to Miami bank foreclosures. In many cases, renters who are paying off a landlord for monthly rent end up being evicted as well because the landlord who owns the property can no longer keep up with mortgage payments. Since they can’t raise rent to keep up with the rising cost of adjustable rate mortgages, these homes go into foreclosure, hurting two lives instead of just one.

With the foreclosure surge carrying steadily on and the cost of living and gas prices going steadily up, it seems that many more homeowners will be put out by year’s end. With taxes, a struggling economy and job market and prices rising on everyday goods, it’s becoming harder and harder to make ends meet.

Miami bank foreclosures are predicted to continue at high rates well into 2009, and that means evictions will too.

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