Lender Repossessions On Pace To Top 200,000 In South Florida Since Crash

Peter Zalewski

MIAMI, FL--South Florida - the epicenter of Florida's highrise condo crash that began in 2007 - is on pace to surpass a combined 200,000 foreclosure repossessions in Miami-Dade, Broward, and Palm Beach counties sometime in the first quarter of 2013, according to a new report from CondoVultures.com.

Lenders repossessed - or used the state courts to force the foreclosure sales of - about one percent more South Florida properties in 2012 on a year-over-year basis compared to the same January through December period in 2011, according to an analysis based on Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

Lenders - and to a lesser extent other parties such as condo associations - forced a change in ownership of about 35,400 properties in South Florida between January and December of 2012 compared to about 34,900 repossessions in the same period in 2011 and about 54,400 repossessions in 2010, according to government records.

In previous years in South Florida, lenders repossessed nearly 30,500 properties in 2009, about 26,250 properties in 2008, and less than 10,100 properties in 2007, according to government records.  

"Foreclosure repossessions increased marginally in South Florida in 2012," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"It is worth noting, however, about 350,000 notices of default - the first step in the foreclosure process - have been initiated in South Florida since 2007.

“Going forward, the unanswered question is whether lenders - some of which are operating under the recently negotiated National Mortgage Settlement Agreement - will continue to focus on finding alternative solutions such as shortsales and mortgage modifications to the foreclosure process for borrowers who are in default."

 For a complete copy of the company’s news release, please contact:

. Condo Vultures® LLC at 800-750-0517.