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83 Properties Per Day Were Seized by Lenders in South Florida During 2009

"According to a new report from Condo Vultures, a Bal Harbour Florida based real estate consultancy firm, more than 30,000 properties in the tricounty South Florida region were repossessed through foreclosure in 2009, representing a 16 percent year-over-year increase compared to 2008 when 26,000 properties were taken back by lenders."

"Lenders repossessed an average of 83 properties per day in South Florida in 2009," said Peter Zalewski, a principal Condo Vultures.  "The number of bank repossessions could have been higher if the South Florida court system was not overwhelmed with foreclosures right now."

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