MIAMI, FL -- Bank repossessions increased eight percent on a
year-over-year basis to nearly 9,500 properties in South Florida - the
epicenter of Florida's high-rise condo crash - in the second quarter of 2013
compared to the same April through June period of 2012 in the tri-county region
of Miami-Dade, Broward, and Palm Beach, according to a new report from
CondoVultures.com.
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| Peter Zalewski |
The South Florida region has now experience more than
210,000 lenders repossessions - or court-ordered foreclosure sales - since the
real estate crash began in 2007, according to an analysis based on Clerk of the
Court records in Miami-Dade, Broward, and Palm Beach counties.
"Despite an increase in the second quarter of 2013,
foreclosure repossessions - which follow a lengthy judicial process in Florida
- are occurring at a slightly slower pace in South Florida in the first half of
2013 compared to the same January through June period of 2012," said Peter
Zalewski, a principal with the Greater Downtown Miami-based real estate
consultancy Condo Vultures® LLC.
"The current pace of bank repossessions in South
Florida, however, could be poised to jump in future quarters following new
Florida legislation aimed at accelerating the foreclosure process.
“ The unknown is whether the existing National Mortgage
Settlement Agreement - implemented in February 2012 to incentivize lenders to
work with borrowers in default to reach resolution - will be canceled out by
the new Florida foreclosure legislation."
For a complete copy of the company’s news release, please
contact:
Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.,
Suite 209B,
Downtown Miami, Florida, 33137.
800-750-0517.
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