MIAMI -- Ever glance at Miami's rising skyline and wonder who is going to live in the seemingly endless number of condominiums being erected? If so, you probably aren't the only one.

A real estate analyst for Forbes.com on Thursday explained why he ranked Miami the No. 1 riskiest real estate market in the country. He blamed the unflattering ranking on escalating insurance costs, a high number of adjustable rate mortgages, unaffordable housing prices and high vacancy rates.

"When you compare our local population with the local amount of inventory that we have, yes, it paints a scary picture," said Ronald Shuffield, president of EWM Realty.

According to Shuffield, the real estate market peaked in April 2005, when 14,000 homes and condominiums were on the market in Miami-Dade and Broward counties combined. That number has risen to 78,000 in July 2007.

"A lot of it is just the fact that we've built so much new inventory and the fact that the entire U.S. economy is taking a breather right now," he said.

Shuffield said he's convinced the slow down is only temporary. He said Miami is still a hot spot for prospective buyers across the country and globe.

Grant Stern, a mortgage broker for Morningside Mortgage, said Miami is in a recovery phase and that some will recover better than others.

"Really, the biggest problem is for people that paid market price or above market price at the end of 2005," Stern said. "Those are the people that paid 10 to 20 percent more than today's evaluation of their property."