Bank repossessions fall 16 percent, year looks grim

Bank repossessions of South Florida properties fell 16 percent in the second quarter compared to the same period a year ago, according to a report from real estate consultancy Condo Vultures. Between April and June of this year, there were 5,992 properties repossessed in Miami-Dade, Broward and Palm Beach Counties together, down from 7,096 in the second quarter of last year. Foreclosure moratoriums and mortgage modifications caused the decline, said Peter Zalewski, principal of Condo Vultures. But the region is still on track for many more foreclosures this year than last year, with more than 100,000 foreclosures predicted for 2009 compared to more than 75,000 last year. TRD