The Real Deal Miami

South Florida repos rise

October 20, 2008 10:46AM

Banks are firmly entrenched in the real estate business in South Florida — the number of repossessed properties in the region rose 134 percent from a year ago in the third quarter. Condo Vultures LLC, a licensed Florida real estate brokerage based in Bal Harbour, reports that an average of 69 homes a day were taken over by a lender in the first nine months of 2008. If this pace continues, the number of bank-owned properties will be up 190 percent for the year, to 18,960. In 2007, 3,035 properties were repossessed by lenders in South Florida in the third quarter, and 6,545 properties were seized through the first nine months of the year.