Bank Repos Surpass 200,000 In South Florida Since Crash Of 2007

Peter Zalewski

MIAMI, FL  - South Florida,  the epicenter of Florida's highrise condo crash - has surpassed 200,000 foreclosure repossessions in the tricounty region of Miami-Dade, Broward, and Palm Beach since the real estate crash began in 2007, according to a new report from CondoVultures.com.

The South Florida region eclipsed the 200,000-properties milestone in the the first quarter of 2013 when lenders repossessed - or used the state courts to force the foreclosure sales of - nearly 9,200 properties between January and March of this year, according to an analysis based on Clerk of the Court records in Miami-Dade, Broward, and Palm Beach counties.

"Foreclosure repossessions - which come about after a lengthy judicial process in Florida - are occurring at a rate of about 100 properties per calendar day in South Florida in 2013," said Peter Zalewski, a principal with the Greater Downtown Miami-based real estate consultancy Condo Vultures® LLC.

"Contrast this with an average of more than 150 notices of default - the first step in the foreclosure process - being initiated daily in South Florida in the first quarter of 2013.

“Given the current South Florida market conditions, foreclosure repossessions are likely to be an issue for the foreseeable future unless lenders - some of which are operating under the recently negotiated National Mortgage Settlement Agreement - make a concerted effort to find alternative solutions for borrowers in default."

CondoVultures.com is scheduled to profile condo trends in the first quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of April 15, 2013.

 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.