Salt Lake City, UT / January 11, 2010 / --  Dubai a crown jewel of the United Arab Emirates has long since been known for its tourism, spectacular architecture and as a world financial center, but with the recent Barclay's PLC court ruling its also known for foreclosure. 

The recent success of Barclays PLC, Britain's second largest bank, in obtaining its first foreclosure clears the way for many more lenders to retake an estimated $16 billion in delinquent home loan mortgages.  According to a story first published by Bloomberg via reporter Zainab Fattah, Dubai's property market went from world's best in 2008 to the worst after credit dried up and speculators who had fueled price increases left the market. 

While some may agree that the worst is over, other experts believe differently.  Michael Blackburn, a national real estate fraud expert and COO of the non-profit Perfect Home Living believes that this type of environment further perpetuates the cycle of fraud if preventative measures are not put into place.  "Criminals operating real estate fraud schemes often seek out locations where mass foreclosures are occurring as it tends to keep them below the radar of government officials, banking regulators and law enforcement agencies.  The real solution is not monitoring so much which financial institutions are foreclosing but limiting and restricting who can purchase these discounted real estate assets," Blackburn said.  

Foreigners were first allowed to own real estate assets in Dubai in 2002.  According to published reports Dubai's real estate values quadrupled in the six years that followed. 

About Perfect Home Living 

Perfect Home Living is a nationally recognized non-profit leader that assists in implementing programs and providing training and education to financial lenders, government entities, banking regulators, consumers and licensed professionals to red flags within today's  real estate market.   For more information or to request assistance please visit us online at:  http://www.PerfectHomeLiving.com or email trainingschedule@perfecthomeliving.com