Another month in Miami Beach and another rise in foreclosures. What will come of these consecutive months of foreclosure and what does it mean for us now? Miami Beach has seen month after month and what feels like year after year of rising foreclosures. When the subprime mortgage fiasco hit Florida, economists thought high-end property like Miami Beach homes would not be affected. They were confident that the constant demand from the upper-class around the country and around the world would hold strong through this financial crisis. They were wrong.

But the cloud of Miami Beach foreclosures has a silver lining. First time home buyers and real estate investors will soon be in the perfect position to buy and signs show they’re ready. Because of the current credit freeze, foreign investors, vulture funds and first time home buyers haven’t been able to buy as much. But now that the U.S. has a set course and financial industries are being supported by the Federal Government we should see progress within the next few years.

While most people cringe at the sight of foreclosed property, as it has become a symbol of our current economic debacle, some South Floridians should welcome them as opportunity to become homeowners. Many people who have been renting for years because they could not afford mortgage payments could now see affordable homes in the market. A $200,000 dollar home three years ago could now be selling for $140,000 dollars, which is much more agreeable for the middle class.