The Real Deal Miami

South Florida bank repos up 79 percent

January 19, 2011 11:31AM

Banks repossessed 79 percent more properties this year than in the year
before, with 54,400 South Florida properties seized, according to a
report from Condo Vultures. Miami-Dade County saw 23,000 properties
seized, with 20,400 in Broward and 11,000 in Palm Beach. Since the
beginning of the downturn, 121,000 properties have been repossessed in
South Florida. “The year 2010 proved to be a record year for bank
repossessions in South Florida,” said Peter Zalewski, founder of Condo
Vultures. “Nearly as many properties were taken back in 2010 as in the
previous two years combined.” TRD