Miami prices citywide were 17.5 per cent lower in December than a year earlier

The problem in Miami is just part of Florida's boom and bust cycle. Whole towns sprung up over the last few years and many have gone bust just as quickly often leaving half-built homes abandoned (for a great photo series on this check out this piece on Rotunda Sands in Mental Floss). At this point, practically the entire state of Florida is in some sort of foreclosure crisis making it easy pickings for those from across the country and around the world looking for a real estate deal. Both homeowners who owe more than their homes are worth and developers forced to sell condos at cost or in some cases for even less than it cost to build them are ready to accept all sorts of offers.