Observations on the South Florida Foreclosure Crisis

The mortgage foreclosure crisis in South Florida is far from resolved. I offer the following observations.

• It is astounding to note that about 30% of all foreclosure sales in Miami-Dade County, Florida are being canceled on recent calendars. Not clear whether this is an indication that the mortgage holders are not that eager to become the owners of more South Florida real estate or whether they are cooperating more in efforts by homeowners to modify their mortgages.

• The Federal Reserve Bank of Cleveland issued a report on August 3, 2010 on the mortgage cramdown policy debates and lessons that may be learned from the chapter 12 agricultural bankruptcy reform in the 1980's.

• Miami condos for less than the price of a car.

• Foreclosure crisis and abandoned homes contributes to Miami being rated 9th worst place to live in the USA, behind El Centro, California, Cleveland, Detroit, and Las Vegas