Miami is hot—especially if you are selling a home. House prices are 20% higher than a year ago. And unlike other big American cities, rents are up too (by 24% year-on-year), as the Magic City soaks up newly untethered teleworkers. Ecstatic estate agents describe a bonanza. Sellers are waiving inspections and appraisals entirely, buying units sight unseen, and aggressively bidding up prices. One agent tells of a client bidding $50,000 above the appraised value of a home—and still getting rejected. Another admits sheepishly to recently buying a house of her own without an inspection. All the usual gaudy accoutrements of the city are here: the ostentatious sports cars, the well-trafficked designer stores, the planes circling Miami Beach advertising a prominent rapper playing at a nightclub.
To continue reading the rest of the article, please click on the source link below:
https://www.economist.com/united-states/2021/07/24/as-moratoriums-lift-will-america-face-a-wave-of-foreclosures-and-evictions
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
