The Real Deal Miami

Repossessions grew 54 percent in first quarter

April 17, 2009 04:35PM

Banks repossessed more than 7,300 properties in South Florida in the first three months of 2009, a 54 percent increase over the first quarter of 2008, according to data from real estate consultancy Condo Vultures. If repossessions continue at the same pace, more than 29,000 South Florida properties could revert to banks in 2009. Peter Zalewski, a principal at Condo Vultures, said he actually expects the number of repossessions to exceed 30,000. The rate of repossession will increase now that the holiday foreclosure moratoriums have expired. Most of the repossessions in the first quarter occurred in Broward County, which saw 3,341 properties taken back by banks. Miami-Dade County saw 2,691 properties repossessed, and there were 1,279 repossessions in Palm Beach County. TRD