It is one of the bad times to get into real estate. The downturn in the property and housing sectors in Florida has been a source of bad news for quite some time already. In 2007 and 2008, the state has one of the highest numbers of homes that are subject to foreclosure. In fact, during the third quarter of 2008, Florida has outpaced California and Arizona to take the second top slot in the list of states with the most number of foreclosures. The list still has Nevada on top.

It is a common knowledge that Florida is basically reliant on real estate for state income. But because home prices fall, job markets shrink and sales of homes decline significantly, housing and property in Florida is in a slump. However, housing sector remains upbeat because of the growing number of sales of Florida foreclosure homes. Many homebuyers and investors, who have enough cash on hand, are enjoying the buying spree for foreclosures in the state. That is because prices are very cheap, most of the time diving up to 50% off the market value.

Miami foreclosure homes are particularly most in demand in the state. That is because homebuyers and investors of course want to seize opportunities to own addresses in this important city. Miami has always been an important city, being a Florida center for finance, commerce, arts, media, entertainment and offshore trading. As tag prices of Miami foreclosure homes drop, it is just logical that demand for such foreclosures will keep on rising. This is certainly a good news despite a cloudy housing environment in Florida.