Foreclosures are a terrible nightmare and one of the unfortunate consequences of the Recession. Miami happens to be one of the areas hit by the recent wave of Foreclosures.

Thousands of homes are being put up for foreclosure and the internet is full of such adverts. The state of ideas is now so gloomy that it has taken the action of volunteers to keep places clean where there have been lots of foreclosures.

Foreclosure lists

Several Foreclosure Lists are now available for Miami. The list is almost endless showing the real extent of the foreclosures in Miami. Buyers who are interested in taking Advantage of these deals have direct access to foreclosure listings by signing up to the offering websites, while other websites give them out free of charge.

Hawks!

It has been reported that rich hawks from Russia are taking advantage of the recession to acquire properties in Florida and Miami. The reason the Russians have been able to do this is connected with settled oil prices, hence the drive for a global investment in estate.

This same phenomenon had been noticed in London where rich Russian and Italian investors have taken advantage of the recession to corner the property Market. Their decision is said to have been influenced by billionaire celebrities.

German investors are also taking a cue from the Russians. News has it that they are migrating towards the US in order to take advantage of the depressed recession to purchase properties at huge bargains. The name of the German firm is no less a one as Allianz SE which is Germany’s biggest insurer.

There has been a recent jump in delinquent commercial mortgages jumped to $22.4 billion recently raising serious fears about foreclosures and the impact on societies and families. The origin of the problems is the money taken out against rents that were expected to rise. The catastrophe however happened however with the nose-dive of the economy.

Ray of hope

It is not all gloom however, as latest reports have shown stability in US Residential Property Market. With the figures showing only 10% decline of late, market watchers believe that this is a sign of improvement which is likely to rub off on Florida including Miami.

It is cheering to know that this information has come as an update on previous news which had reported fears amid the good news of recovery. The fear was based on real estate collapse and that the indices seem to be telling a different story from what experts could see on the ground.

Well, with the news that property prices are still likely to fall in the UK, a little ray f hope in the US market must be greatly appreciated especially when the predicted for Ireland is about 45%.