The purchases of houses or the houses which are near foreclosures in North Miami Beach recently have increased in the area. It’s one of the highest figures in the history. This is the trend which shows the tendency to falling prices, which can help many people who have some cash to buy a new house. According to the survey the number of distressed houses is approaching 50 % which indicates the worst satiation ever. Such properties include houses that are bank owned or whose market value is below the owner’s loan.
Since the problematic house hit the market the prices for homes in North Miami Beach have decreased. The number of foreclosures went down when the banks tried to cut monthly payments under the pressure of the government and with the help of foreclosure moratoriums. But many of the homeowners failed to prepare the necessary documents or even they couldn’t pay even the lower payments. And their houses had to be foreclosured. Although the prices go down, the number of foreclosure house increase.
The tendency is not optimistic and shows that the country needs some help to cope with it.