MIAMI, FL--The number of bank repossession in South Florida decreased in the first 90 days of 2011, representing the first quarterly drop since the real estate crash began in 2007 in the tricounty region, according to a new report from CondoVultures.com.
Lenders repossessed two percent fewer South Florida properties between January and March 2011 on a year-over-year basis than in the same three-month period in 2010, according to the report based on the Condo Vultures® Foreclosure Database™.
Banks and other creditors took title to less than 9,000 properties in the tricounty region of Miami-Dade, Broward, and Palm Beach counties in the first quarter of 2011. A year earlier in 2010, lenders repossessed nearly 9,200 properties in the same first-quarter period, according to the report based on government records.
In the first quarter of the three previous years, lenders took title to 7,300 properties in 2009; 4,800 properties in 2008; and 1,350 properties in 2007.
"A quarterly decrease in bank repossessions in South Florida is noteworthy given that this is the first time it has occurred in four years," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"We would caution, however, about getting overly optimistic and concluding that the distress in the South Florida real estate market has passed. There is no question that the situation has improved compared to 2008 and 2009.
"The unknown is, what will happen when the 'foreclosure freeze' is finally resolved, and lenders once again have confidence in their administrative processes to pursue foreclosures against borrowers in default."
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com
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