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Catastrophe looms over Miami and it's not just Hurricane Irma.

Before the storm arrives, Miami has already had the third worst real estate market among American cities,

and major American cities.

Only Cleveland and Detroit rank lower than Miami in foreclosure rates and delinquent mortgages.

Last year, Miami had over 7,000 home foreclosures, 7,000 home foreclosures.

This year, the number is already over 3,600.

Now Irma is bearing down on South Florida.

Category 5, Hurricane, could make landfall in Miami this weekend.

Human toll, of course, the main concern.

But the combination of a devastating hurricane hitting a real estate market that is already in shambles could be catastrophic for the entire country, especially if there is any kind of flooding like we have seen in Houston.

Flooding in the Miami area already is a serious problem under normal circumstances never mind a hurricane.

Miami just spent $500 million to install anti-flood pumps all around the city, but only 15% of them have been installed so far.

Even if they were engineers warned the pumps would probably fail during a hurricane because there's no backup generators if the city loses power.

I mean, who would want a backup generator, you know, in a city that gets hurricanes.

You don't need that!

By the way, that's exactly what happened last month.

A heavy rainstorm, not a hurricane, just a heavy rainstorm overwhelmed the pumps capacity and caused a power outage that knocked two pump stations offline for almost an hour.

Long enough to put sections of Miami Beach under several feet of water.

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