Miami has nightclubs, tall buildings, and sandy Atlantic beaches. New York City, ditto. (Pictured: New York’s Coney Island.) What does Miami have that New York doesn’t have? Foreclosures!
According to a report today from PropertyShark.com, the rate of foreclosures per household in the third quarter was 852% higher in Miami than in New York City.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.