Tuesday, October 12, 2010

Bank Repos Double To 17,200 Properties In South Florida In Q3 2010

  MIAMI, FL--Bank repossessions more than doubled in the tricounty South Florida region in the third quarter of 2010 as lenders took ownership to nearly 17,200 properties, according to a new report from CondoVultures.com.

The number of properties in Miami-Dade, Broward, and Palm Beach counties that were repossessed between July and September of 2010 is more than twice as many on a year-over-year basis as the nearly 8,250 properties that were taken back in the third quarter of 2009, according to the report based on the Condo Vultures® Foreclosure Database™.

"Bank repossessions - also known as REOs - are skyrocketing in South Florida in 2010," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC

. "Lenders have taken back just about as many properties in the third quarter of 2010 as were repossessed in the third quarters of 2009, 2008, and 2007 combined. The repossessions are finally starting to flow after several months and years of delays in the court process.

"It is still uncertain what effect the announcement by several large lenders about freezing foreclosure proceedings due to administrative irregularities will have on bank repossessions in South Florida going forward. "

Lenders repossessed 7,100 South Florida properties in the third quarter of 2008 and an additional 3,000 in the third quarter of 2007, according to the report compiled using Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

Contact: Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com

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