A look into the Miami Beach Economy

It seems clear that the Miami Beach economy, like that of the rest of the nation, will be slowing to a very slow pace in 2008. Much harder to discern is how bad ”bad” will be. Many economists and business leaders note that the region’s economy is holding up remarkably well in the face of multiple shocks: the housing downturn, the credit crunch and sky-high energy prices.

Miami Banks

Miami is a unique city which everybody knows and therefore among the best place to own a property. Miami bank owned properties offer buyers the chance to buy a great home or investment property for incredibly low prices.

Bank owned homes in Miami become available for purchase after a homeowner defaults on their bank sponsored mortgage loan. When a homeowner cannot keep up with payments, the bank will be forced to sell the property and use the proceeds of the sale to cover the outstanding debt owed. But, since bank owned properties in Miami must be sold, the lending bank often allows them to go for less than their actual value. Oftentimes, buyers can find bank owned homes in Miami for anywhere from 10 to 50% off their actual market value, creating a great chance for real estate investing.

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