Banks took back an average of 4,000 South Florida properties each month during the first half of 2010, according to a new report from the locally based real estate consultancy Condo Vultures LLC.
The region’s repos represent an 83 percent year-over-year increase for the tri-county area of Miami-Dade, Broward, and Palm Beach.
Miami-Dade led the surge, experiencing a 125 percent spike in REOs on a year-over-year basis. Palm Beach experienced a 112 percent jump while Broward’s repossessions increased 42 percent, according to the report based on Circuit Court records from each county.
At the current rate, Condo Vultures says nearly 50,000 homes will be repossessed in South Florida this year, which would significantly outpace the modern-day high of 30,400 repossessions that lenders took control of in 2009. Banks repossessed nearly 26,250 properties in 2008 after taking title to 10,100 properties in 2007, Condo Vultures reports.
