By nearly every metric, Miami’s housing and rental markets are Kafkaesque nightmares. Few people can afford their homes here because they are expensive, while median incomes are embarrassingly low. It’s a dangerous predicament — one natural disaster could throw tons of cash-strapped homeowners spiraling into bankruptcy.
Well, according to a new report from Attom Data Solutions, the Magic City is now dealing with the fallout from one of those disasters: Foreclosures in Miami spiked 29 percent from July 2017 to July 2018, and Hurricane Irma is partly to blame.
For the first time in three years, home foreclosures actually rose year-over-year across America during the past 12 months. According to a new report released today, Miami is, ahem, not one of the few U.S. cities that have fared well over the past year — the city saw 1,119 new foreclosures in the past month alone. Though some of that spike can be attributed to damage from Hurricane Irma in September 2017, Attom’s analysts warn the foreclosure spike could be a sign of greater trouble on the horizon.
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