South Florida poised to see 50,000 REO properties by end of 2010

South Florida banks repossessed around 4,000 properties per month in the tri-county region during the first two quarters of 2010,
according to a new report from real estate tracking website
CondoVultures.com. Miami-Dade County saw the biggest year-over-year
increase in real estate owned — or “REO” — properties, with a 125
percent increase over the first half of 2009. Palm Beach County came in
at a close second, showing a 112 percent increase compared to the same
time period a year earlier, while Broward county trailed with a 42
percent year-over-year climb. If this pace continues through the end of
the year, South Florida could see as many as 50,000 repossessed
properties compared to 2009’s 30,400 REOs. TRD