The Real Deal Miami

Lenders seize 10,000 South Florida residential properties in first quarter: report

Lenders seized over 10,000 residential properties in the first quarter of 2012 in South Florida, according to a report from Condo Vultures. “More than 165,000 properties in South Florida have changed ownership forcibly in South Florida since the first year of the real estate crash in 2007,” said Peter Zalewski, a principal with brokerage and consultancy Condo Vultures. “We expect this total to grow in future quarters as more than 300,000 notices of default have been filed against South Florida properties to date. The unanswered question is when are the lenders going to put the bank repossession on the resale market for purchase.” — Alexander Britell