There are easily over 12,000 properties in various stages of foreclosures in Miami. This includes pre-foreclosure, default noticed, real estate foreclosures, auctions and so on. So whether your preference lies for homes on South Beach, at an orange orchard or simply for one of the most ethnically diverse urban settings in the country, Miami is likely to have a foreclosure property to suit you.

Foreclosures increased 35% in Miami from last year, largely due to mortgage defaults, which has meant a big jump in livable and affordable homes for many people. Obviously this is not good news for people on mortgages but there are plenty of instance in which those people bought a cheaper house in another locale that was as good, if not better, than the one they mortgaged.

Miami is not just famous for stars like Oprah Winfrey, Gloria Estefan, Lenny Kravitz and Anna Kournikova but also for its star-like living, beaches, retirement, oranges, and cigars and for its racial and ethnic diversity. The best place to find a great property, whether for residence or investment, is at a foreclosure auction. As with the rising number of foreclosure properties, the number of auctions has also increased to over 2,500 in this quarter from a year ago.

A bank, government or real estate auction is usually the best place to get a great deal on foreclosure properties, including pre-foreclosures, REOs and so forth. With on-the-day registration and a chance to go over the house before bidding on it, these auctions are normally a safe and easy way to get an affordable property in a previously out-of-bounds location. Dates and times for these in Miami can be found easily enough in newspaper classifieds or bank directories; a potentially very rewarding and fruitful search.