Lenders repo-ed almost as many properties in South Florida last year than in the previous two years combined, according to a new report.
Banks took back 54,000 properties in the tri-county South Florida market in 2010, a 79% increase over 2009, according to CondoVultures, a Bal Harbour-based consulting firm. They took title to 23,000 properties in Miami-Dade, 20,400 in Broward and 11,000 in Palm Beach.
Since the market crashed in 2007, lenders have repossessed more than 121,000 properties. Besides the 54,000 this year, they reclaimed title to 10,100 in 2007, 26,250 in '08 and 30,400 in '09.
Last year was a record despite the fact that process on many foreclosures "probably began back in 2008 or 2009," said Peter Zalewski, a principal in CondoVultures.
Meanwhile, the firm also reports that almost 15% of the apartments and townhouses listed for sale in the tri-county area are priced below $50,000. The median asking price is $38,900.
