A report from the Miami Herald in Florida. "Hurricanes have given Florida a break thus far this summer. But a stealthier kind of storm has already hit the state. A new study by Attom Data Solutions shows Florida had one of the highest rates of foreclosure starts in the U.S. in July, compared to the same period last year. The report, which tracked foreclosure filings issued by county governments on single-family homes and condos, shows one in every 1,180 housing units in Florida was subjected to a 'list pending' — a filing by a bank warning of pending foreclosure activity due to late payment."

"Dr. Ned Murray, associate director of the Florida International University Metropolitan Center, said that although exact figures aren’t yet available, his research confirms the foreclosure-start activity in South Florida has increased significantly. The neighborhoods primarily affected are Homestead, Opa Locka, City of Miami, Hollywood and Pompano Beach — all working-class areas."

"'It’s a disturbing trend, especially when you see the biggest impact is in less affluent communities,' he said. 'This is the older, less valued housing stock.'"

"Ironically, Murray said one possible cause of foreclosure starts in more modest neighborhoods could be growing real estate values. 'Because values have increased steadily over the last five to six years, some homeowners took out second mortgages and equity loans,' Murray said. 'But wages have remained flat and housing costs such as insurance keep going up.'"

"Analysts warn this new wave of foreclosure starts could even impact higher-priced homes, such as the oversupply of expensive condos in the downtown Miami area. 'The condo situation is starting to mirror the way it looked pre-recession in terms of price drops in Miami,' said Michael Sichenzia, president of the Deerfield Beach-based consulting firm Global Advisors. 'Prices have dropped considerably while supply keeps increasing, and there’s still a ton of product that has yet to come to market. I think that the next two years do not bode well for prices in general in Miami. The market is overheated again and you’re seeing the beginning of that cool-down now.'"

The Miami New Times. "By nearly every metric, Miami's housing and rental markets are Kafkaesque nightmares. Few people can afford their homes here because they are expensive, while median incomes are embarrassingly low. It's a dangerous predicament — one natural disaster could throw tons of cash-strapped homeowners spiraling into bankruptcy."

"Well, according to a new report from Attom Data Solutions, the Magic City is now dealing with the fallout from one of those disasters: Foreclosures in Miami spiked 29 percent from July 2017 to July 2018, and Hurricane Irma is partly to blame."

"The city saw 1,119 new foreclosures in the past month alone. Though some of that spike can be attributed to damage from Hurricane Irma in September 2017, Attom's analysts warn the foreclosure spike could be a sign of greater trouble on the horizon. Statewide, Florida saw 35 percent more foreclosure filings this month than in July 2017 — the largest single-state spike in America."

"'The increase in foreclosure starts is not just a one-month anomaly in many local markets given that July represented the third consecutive month with a year-over-year increase in 33 metro areas, including Los Angeles, Miami, Houston, Detroit, San Diego, and Austin,' Attom Senior Vice President Daren Blomquist said. 'Gradually loosening lending standards over the past few years have introduced a modicum of risk back into the housing market, and that additional risk is resulting in rising foreclosure starts in a diverse set of markets.'"

"The Miami Herald reported in January that Irma-related damage was forcing money-stretched homeowners into foreclosure — but thanks to the city's absurd housing market, where locals have no money but outside investors continue to inflate real-estate prices, it appears homeowners are still struggling nearly a year after the storm."