Re the April 11 article Florida, Miami lead in foreclosures: It surprises me that although the greater Miami area posted the highest foreclosure activity in the nation that we are experiencing a shortage of homes. The so-called “shadow inventory” isn’t being released, and I’m sure the reason isn’t to save the housing recovery. Instead of the housing market stabilizing and home prices becoming what they should be, banks are holding on to the inventory. When home buying recently, I consistently found sellers wanting more than the appraised value. I was forced to sign such a contract bsecause every time I found a home in my price range, the seller received multiple offers along with mine. Part of it, I’m sure, is all the hype about the housing recovery. In a city where employment hasn’t improved, we are being taken down a dangerous road to another artificial housing bubble.
Marc Magellan, Miami