Banks Repossess 54,400 South Florida Properties In 2010

MIAMI, FL--Banks repossessed more than 54,400 South Florida properties in 2010, representing a 79 percent increase on a year-over-year basis compared to 2009, according to a new report from CondoVultures.com.

Lenders took title through the foreclosure process to 23,000 properties in Miami-Dade County, 20,400 properties in Broward County, and 11,000 properties in Palm Beach County, according to an analysis by the licensed Florida brokerage Condo Vultures® Realty LLC.

Lenders have repossessed more than 121,000 properties since the real estate crash began in 2007. The year 2010 represents the single-greatest number of repossession in a year.

 By comparison, lenders repossessed 30,400 properties in 2009, 26,250 properties in 2008, and 10,100 properties in 2007, according to the analysis based on Clerk of the Court records in all three South Florida counties.

"The year 2010 proved to be a record year for bank repossessions in South Florida," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Nearly as many properties were taken back by lenders in 2010 as in the previous two years combined. It is worth noting that bank repossessions in 2010 are the result of a lengthy foreclosure process that probably began back in 2008 or 2009."

Foreclosures, repossessions, and rental rates are topics scheduled to be discussed at the upcoming Condo Vultures® 3rd annual "State of the South Florida Condo Market" event on Jan. 25 at the Miami City Club (lower left photo) at the top of the Wachovia Financial Center in Downtown Miami.

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