Miami Bank Foreclosures Leading to Widespread Evictions

By: Ben Needles

Eviction officers are saying that in no point during their careers have they ever had to put as many people out as they do nowadays. For Miami-Dade county, there were already 4,726 evictions during the first four months of 2008, a number that is up by 1,157 over the same period in 20007.

Some people who are not even homeowners are getting evicted due to Miami bank foreclosures. In many cases, renters who are paying off a landlord for monthly rent end up being evicted as well because the landlord who owns the property can no longer keep up with mortgage payments. Since they can’t raise rent to keep up with the rising cost of adjustable rate mortgages, these homes go into foreclosure, hurting two lives instead of just one.

With the foreclosure surge carrying steadily on and the cost of living and gas prices going steadily up, it seems that many more homeowners will be put out by year’s end. With taxes, a struggling economy and job market and prices rising on everyday goods, it’s becoming harder and harder to make ends meet.

Miami bank foreclosures are predicted to continue at high rates well into 2009, and that means evictions will too.

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