We know about all the vacant condos in Miami. The lack of real estate sales results in a lack of mortgage originations. Mortgage sales declined more than 50 percent in 2008 (first quarter) versus 2007. American Home Mortgage and First Magnus performed well in this market in early 2007. The other mortgage companies did not benefit from American Home and First Magnus leaving the business.
If someone reminds me, I'll post the second quarter for Miami when I obtain more complete data.