Bank repos could surpass 200,000 in SF

Repossessions of South Florida properties by lenders could soon surpass 200,000 since 2007, according to a new report from brokerage and consultancy Condo Vultures. The number is slated to top 200,000 by the first quarter of this year, according to Condo Vultures, which found that foreclosure repossessions rose by 1 percent year-over-year from January to December of 2012. “Foreclosure repossessions increase marginally in South Florida in 2012,” said Peter Zalewski, founder of Condo Vultures. “It is worth nothing, however, about 350,000 notices of default — the first step in the foreclosure process — have been initiated in South Florida since 2007.” —Alexander Britell