Miami-Dade is the “Repo Riviera”!!!! 25% of the units in Jade are in foreclosure (this is why closing rates do not matter)!!!
Some definitions: Alt-A includes no documentation loans, low documentation loans, and NINJA (No Income, No Job, No Assets) loans. Pay-option ARMs are negatively amortizing loans; you have the option to pay part of the interest, full interest or interest and principal - 90% of people pay the minimum and the loan resets at 110-125% LTV.
[...] Miami is the Repo Riviera [...]
[...] are skewed towards buying. Furthermore, my analysis leaves out special assessments. According to 60 Minutes (CBS News), 25% of the units in Jade are in foreclosure which means there are definite HOA issues. Likely people are paying special assessments up the [...]