Miami is hot–especially if you are selling a home. House prices are 20 per cent higher than a year ago. And unlike other big American cities, rents are up too (by 24 per cent 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 US$50,000 (NZ$71,000) 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. Yet amid this exuberance, almost 8 per cent of mortgage-holders in Miami are delinquent, among the highest share in the nation. Meanwhile, people renting housing face the end of a federal moratorium on evictions at the end of the month. A moratorium on mortgage foreclosures ends at the same time, raising fears of a spike in houses lost amid a house-price boom. READ MORE: New Zealand is not the world's… Read full this story
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As moratoriums lift, will America face a wave of foreclosures and evictions? have 254 words, post on www.stuff.co.nz at July 25, 2021. This is cached page on Bach Thien. If you want remove this page, please contact us.