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Thursday, October 11, 2007

Aventura, Miami, Sunny Isles Foreclosure Sales

This was just sent in by one of our readers. It's an article and video link to yesterday's story CBS ran regarding foreclosures in Aventura, Miami, Sunny Isles. There are always two sides to every story, so readers beware.

(CBS4)Written BY DAVID SUTTA - MIAMI Florida had the third-highest foreclosure rate in the country in a recent survey by RealtyTrac, a company that compiles these statistics.

The state, as well, as the nation is going through what experts call a housing depression. In South Florida, it's considered the worst since the early 1990s.

The value on properties is declining, which means assessments that determines the amount of taxes a homeowner pays based on government formulas will likely fall. But there's still no relief in sight.

At the Stephen B. Clark government center in downtown Miami, a state commission on Wednesday, listened to property owners on these very issues.

The State Taxation and Budget Reform Commission has also scheduled a second public hearing for Thursday at Broward County Commission Chambers in the government center on South Andrews Avenue.

These officials acknowledged there were nearly 34,000 properties in some form of foreclosure in Florida, or one for every 243 households. That's a 77 percent increase from July and more than double the number in August of last year, and that homeowners need help.

For John Shimmel, who lived in South Florida for all his 47 years, it's too late. He has since put a For Sale sign on his yard. He's lost his job. "We're pretty much done", he lamented.

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