For the first time in over 25 years the unemployment rate in the Miami-Dade Florida area sky-rocketed over 11% in July.

It's the rising unemployment rate that could prove to be a problem for the already struggling real estate market. Although, Florida's existing home sales figures for the month of July spiked 37% in a yearly comparison, according to Florida Association of Realtors (FAR), the unemployment rate could add to the already rising number of foreclosures in the area.

According to Richard Barkett, a chief executive with the Realtor Association of Greater Fort Lauderdale, "The market is trying to define itself and trying to stabilize, but the outside pressures are great - and when I say outside pressures, I'm referring to foreclosures, the job market and the unemployment rate."