The Real Deal Miami

South Florida repos hit ignominious milestone

April 15, 2013 11:00AM

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Lenders have repossessed or used banks to force the foreclosure sales of more than 200,000 units in South Florida since the 2007 crash, real estate consultancy Condo Vultures said in a report released Monday.

In the first quarter of 2013, 104 South Florida units were repossessed — and 150 defaults issued — per day, according to Condo Vultures principal Peter Zalewski.

“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,” Zalewski said in the report.

In February, the nation’s five largest mortgage servicers reached an agreement with the federal government and attorneys general from 49 states to provide at least $25 billion in relief to borrowers, as reported.

Nevada surpassed Florida in March as the U.S. state with the highest foreclosure rate, at 306 homes per day, ending the Sunshine State’s six-month streak as the nation’s leader in foreclosures. –Emily Schmall

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