&*** just got real (Miami, Hollywood: real estate market, apartment complex, foreclosures)

[Wild Style]

Keeps getting worse. Supposedly next year will be a real body blow to the economy. Have you guys noticed any evictiongs in your complexes or community? We saw about five eviction noticed in our apartment complex a week ago. When we walked through Hollywood a few months back we saw some foreclosure notices on some doors.

In the first three months of this year, Broward County tallied 3,043 eviction requests — more than it has received in the same period since at least 1999, and an increase of 54 percent over last year. In Miami-Dade, landlords filed for 4,726 evictions from January through April, up 1,157 from the first four months of last year.

link

[PBCboy]

The people right next door to me got slapped with a foreclosure.

[Sharkey514]

Two families down the block got evicted. You are right that it will get worse. Many houses are sitting empty in Broward.

[AJGIANTS]

Just a question for this topic- Who is responsible for these evicitions and foreclosures? The people who went in over their heads and made poor financial decisions or the banks and landlords who were dumb enough to approve loans to these people?
Sounds to me its all of the above.

[njkate]

Originally Posted by AJGIANTS

Just a question for this topic- Who is responsible for these evicitions and foreclosures? The people who went in over their heads and made poor financial decisions or the banks and landlords who were dumb enough to approve loans to these people?
Sounds to me its all of the above.

Not everyone went in over their heads....domino effect...
So FL is a tourist area, people don't have money to travel so no tourists
also construction was big in this area..no new houses being built so many many people have LOST their jobs

Foreclosure can't pay the mortgage
Eviction can't pay the rent..need income for both

[compelled to reply]

Originally Posted by njkate

Not everyone went in over their heads....domino effect...
So FL is a tourist area, people don't have money to travel so no tourists
also construction was big in this area..no new houses being built so many many people have LOST their jobs

Tourism in South Florida is at it's highest levels ever...South Florida actually has a (crappy) small business, real estate and service based economy that has nothing to do with tourists. The biggest local blow to the economy has been the real estate fallout (and ANY career associated with it). We imported a lot (not all) of the construction workers from SW Florida, so they get to double suffer, not so much the east coast, and the tourists make a surprisingly small chunk of the economy, but thank god they are still coming or else it would be worse! This

[AJGIANTS]

International tourism -because of the weak dollar. I have never seen the streets of Manhattan with so many tourists.

[compelled to reply]

Originally Posted by AJGIANTS

International tourism -because of the weak dollar. I have never sen the streets of Manhattan with so many tourists.

Exactly. I have NEVER seen this many foreign tourists through the SUMMER. Even the Canadians seem to be lingering a little longer. The economic ills going on here have nothing to do with a tourism fallout. It's (for the most part) due to an unbalanced, unsustainable real estate market. Evictions are going to be an unfortunate symptom of that.

Right now is a good time to check how your landlord stands if you can...

[njkate]

Originally Posted by AJGIANTS

International tourism -because of the weak dollar. I have never sen the streets of Manhattan with so many tourists.

Oh yeah!!! those euros are trading into lots of dollars!!!

[Wild Style]

Originally Posted by compelled to reply

Tourism in South Florida is at it's highest levels ever...South Florida actually has a (crappy) small business, real estate and service based economy that has nothing to do with tourists. The biggest local blow to the economy has been the real estate fallout (and ANY career associated with it). We imported a lot (not all) of the construction workers from SW Florida, so they get to double suffer, not so much the east coast, and the tourists make a surprisingly small chunk of the economy, but thank god they are still coming or else it would be worse! This

Do you have a link to recent information for this year about tourism in South Florida?

Originally Posted by compelled to reply

Exactly. I have NEVER seen this many foreign tourists through the SUMMER. Even the Canadians seem to be lingering a little longer. The economic ills going on here have nothing to do with a tourism fallout. It's (for the most part) due to an unbalanced, unsustainable real estate market. Evictions are going to be an unfortunate symptom of that.

Right now is a good time to check how your landlord stands if you can...

partly true. The other part is, the economy is just slowing period. Jobs are laying off so thats one issue. Other is pay has not kept up with cost of living, but thats every where in America.