Short sales up 49 percent in South Florida

Residential short sales rose 49 percent year-over-year in 2010, according to a report from Condo Vultures. There were 16,800 residential properties sold in the tri-county area in 2010 that were transacted at prices below the outstanding loan amount owed by sellers. In 2009, only 11,300 properties were sold in short sales, according to an analysis by Condo Vulture’s sell-side brokerage wing, CVR Realty. “All indications are that shortfalls will increasingly be the primary focus of buyers searching for properties in the South Florida market,” said Hernan Osorio, director of sales at CVR.