Doral real estate and foreclosures offer a great opportunity to investors in the short to long term. More and more homeowners in Doral are falling back on mortgage payments leading to foreclosure steps being taken against their properties. Recent findings revealed that one in four homeowners in Florida failed to make their payments on time in the first quarter of this year.
The figures make Doral and the state of Florida with the second highest rate of foreclosures after Nevada. With the economy still faltering and job losses and pay cuts being the order of the day, homeowners who had taken loans to buy up properties have more pressing needs to take care of rather than make timely mortgage payments.
The total foreclosures or properties in some state of foreclosure are somewhere close to 377,000 in the whole state. Prices are getting slashed and premium properties are available at far lower prices than their original market value. But even though the state ranked second to Nevada in foreclosures rate, it is the highest if you take the figures of homeowners who defaulted in mortgage payments.
Nearly 11% of home loans in the state are in some state of foreclosure making it the only US state with double digit figures compared to the nation's 3.85%. Not only are jobs being lost, but homeowners who had taken loans are finding it difficult to rent out their property at market rates. This is seriously affecting their repayment capacities and with property prices diving, they are facing real time trouble.
Fall in home values in Doral and the rest of Florida is expected to continue along with foreclosures for the rest of the year according to property developers. With new Miami real estate in the market far higher than the demand, prices are expected to fall further making it an ideal investment option for many. Risky loans contributed to this scenario as people went overboard to get into homes they could not pay for.
As soon as the prices of Doral real estate plummeted they were trapped. They could neither refinance their homes nor sell them providing a great opportunity now for investors in Miami real estate and foreclosures.
Learn more about the local Miami and Doral Real Estate Market. Visit Doral Foreclosures for my weekly updated news blog. Or visit my main site: Doral Realtor
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