According to real estate investment consultancy, Condo Vultures LLC, 4000 homes per month are being repossessed in southeast Florida. Miami-Dade leads the pack with a 125% year over year spike in bank-owned property during the first half of 2010. The Dade-Broward-Palm Beach tri-county area saw an increase year over year of 83% in REOs.
The good news is new foreclosure filings is down significantly in the area setting a pace for 70,000 filings in the tri-county area in 2010 after 90,000 filings in 2009.
The reason for the increase in repossessions is the efficiency of the new online auction system being used by the South Florida courts. Properties are no longer sold the old fashioned way at the court house steps... Click here to read the rest of this article about Florida foreclosures
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