Homebuyers and home investors who always aim to buy foreclosed homes at great discounts are up for more good times as the number of available Miami foreclosed properties further climb. Miami is one of the most sought after and popular foreclosed home markets in Florida, the third state with the highest rates of foreclosures in the US.

Online real estate auctioneer and seller PropertyShark has released data showing that the volume of Miami foreclosed properties rose 35% in October 2008 compared to September. PropertyShark defines foreclosed homes as properties that are scheduled and set for first-time auction. There were 861 of those in the month.

The number of Miami foreclosed properties for sale is very much in line with the number of foreclosed filings, as compiled by property tracker RealtyTrac for October 2008. According to the data, the volume of Miami foreclosed properties jumped 93% from September and rose 35% from last year.

Interestingly, the price tags of available Miami foreclosed properties also rise as the inventory further piles up. This is in accordance to the universal law of supply and demand, which states that prices decline when the supply increases while demand remains of the same level. Moreover, mortgage lenders are getting more desperate to roll out and dispose the foreclosed homes in their portfolio. This way, prices are kept at below 20% to 50% of the actual home market.

There are still numerous foreclosed homes available in the city. Homebuyers, as mentioned, are up for a buying spree. It is expected that demand will rise as well as more buyers realize how practical and advantageous it will be to make purchases now. Miami is still one of the hottest and sought-after markets in terms of properties.