South Florida Bank-Owned Properties Spike 190%, Reach 19,000 REOs

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Oct

2008

South Florida Bank-Owned Properties Spike 190%, Reach 19,000 REOs

Foreclosures, Short Sales, Property Liquidation

Condo Vultures® - Market Intelligence Report South Florida’s Bank-Owned Properties Spike 190% To Nearly 19,000 REOs Lenders repossessed an average of 69 homes a day in South Florida in the first nine months of the year, according to a new report from Condo Vultures® LLC. At that pace, the number of bank-owned properties in South Florida is skyrocketing, increasing by 134 percent to 7,100 properties in the third quarter and by 190 percent to 18,960 homes for the year, according to the report by the Bal Harbour, Fla.-based consultancy . A year ago in 2007, lenders took back 3,035 properties in the third quarter and 6,545 properties in the first nine months of the year, according to Condo Vultures®. “Our best guess is that in 2008 lenders have had to absorb abo