Friday, August 27, 2010

Miami Area Foreclosures Reach 100K

Last Thursday, lenders reached 100,000 foreclosures in the tri-county South Florida region since the real estate crash began in 2007, according to a report from Bal Harbour-based consulting firm, which takes its figures from government records. That’s an average of 2,300 per month.

In South Florida’s real estate crash, consider that lenders have repossessed an average of 75 properties per day since January 2007, which is a span of more than 1,300 days. 

Bank-owned properties represent only about 6 percent of the 68,500 residences on the resale market in the region as of August 16 despite the sharp increase in repossessions, according to Condo Vultures Realty LLC. South Florida’s residential inventory has increased for nine of the last 11 weeks-a 5 percent jump since May 31.

Lenders have repossessed more than 33,600 properties in the area in 2010, reports That figure already surpasses the number of tri-county properties taken in 2009 and 2008 combined.