Bank Repos Slow In South Florida In Q2 2012 In Wake Of 'Foreclosure Freeze'

MIAMI, FL --Lenders repossessed eight percent fewer South Florida properties in the second quarter of 2012 on a year-over-year basis compared to the same April through June period in 2011 in Miami-Dade, Broward, and Palm Beach counties, according to a new report from CondoVultures.com.   

Lenders - armed with the foreclosure process - forced a change in ownership of less than 8,800 properties in South Florida between April and June of 2012 compared to more than 9,600 repossessions in the same period in 2011 and nearly 15,150 repossessions in 2010, according to an analysis based on Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

  

In the second quarter of previous years in South Florida, lenders repossessed nearly 6,000 properties in 2009, nearly 7,100 properties in 2008, and less than 2,200 properties in 2007, according to government records.  

"Lenders forced an ownership change in 800 fewer properties in the second quarter of 2012 than a year earlier," said Peter Zalewski (top right photo), a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

 "The decrease in bank repossessions follows an unofficial moratorium on foreclosure filings in South Florida resulting from the 'robo-signer' controversy that surfaced nationally in the autumn of 2010.

“ We would not be surprised if the total number of bank repossessions in South Florida continues to slow in future quarters following the prolonged foreclosure filing moratorium period that was finally resolve in the first quarter of 2012."

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Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.