In the last year, over $57 million in illegal assets relating to federal cases in South Florida have been seized by the United States government, according to data provided by the U.S. Attorney’s office in South Florida.
$57,321,390.40 to be exact.
For 18 months straight South Florida home prices have been rising. One reason is cash. For every 10 homes sold in July in our region, seven were bought with cash: no mortgage, no credit check.
Moreover, 90 percent of the cash buyers of Miami condos are foreign, which often means less financial oversight is involved in the purchase.
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The housing recovery has come fast to South Florida. But some are concerned that the cash-fueled rebound here may be relying, in part, on dirty money.