Short-sale transactions spiked 49% in South Florida last year.
Processing Content
An analysis by CVR Realty, a Miami sell-side firm, said sales at prices less than what the seller owed on the property soared by comparison with 2009.
In all, buyers bought nearly 16,800 residential properties in Miami-Dade, Broward, and Palm Beach counties last year at prices below — or "short" of — the outstanding loan amount. In 2009, buyers had bought nearly 11,300 properties in short-sales.
Lenders sold 19,800 residences in South Florida in 2010, down 6% from 2009, when 21,050 bank-owned properties were sold, according to the report based on Florida Association of Realtors data.
