Didn’t think it could get any worse?

Miami is flat as a pancake. Why not So. Cal.?

For folks who think we have reached bottom in CA, please see
in South Florida, pace of repossession jumps 83 percent.

The data is pretty scary:

Banks repossessed more than 24,000 South Florida properties in the first six months of 2010, according to a report released Tuesday by Bal Harbour-based Condo Vultures.

The pace of about 4,000 bank repossessions per month represents an 83 percent increase over the first six months of 2009. Miami-Dade, Broward, and Palm Beach counties are on track to record nearly 50,000 bank repossessions of properties in 2010. In 2009, 30,400 repossessions took place in South Florida, the report found.

In Miami-Dade County, there was an average of more than 1,800 repossessions per month, an increase of 125 percent compared to the first six months of 2009. In Broward and Palm Beach counties, the increase was 42 percent and 112 percent, respectively, the report found.

Many thought it couldn’t get worse than the flat pancake known as Miami. These people found out that the real estate market could still go down. Right now, many Californians are thinking that it is over. They are sorely mistaken.

The good news So. Florida: it may becoming to an end. The data also shows foreclosure filings have been down.


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