The Real Deal Miami

Bank repos double in third quarter

October 13, 2010 10:30AM

The third quarter of 2010 saw twice as many bank repossessions as the
same
time period in 2009, according to a report from Condo Vultures
based on its foreclosure database. Lenders took ownership to nearly
17,200 properties in South Florida in the third quarter, compared to
around 8,250 in the region in the the third quarter of 2009. “Bank
repossessions are skyrocketing in South Florida in 2010,” said Peter
Zalewski, founder of Condo Vultures. “Lenders have taken back just about
as many properties in the third quarter of 2010 as were repossessed in
the third quarters of 2009, 2008 and 2007 combined.” TRD