The Real Deal Miami

Lenders take more Miami properties

February 22, 2008 06:23PM

Lenders assumed ownership of 641 properties from borrowers in the Miami area in January, up from 182 properties in January 2007, representing a 252 percent increase, according to a report by Condo Vultures Realty. A property becomes real estate owned (REO) once a lender forecloses on it and is unable to auction it off for a set minimum price.