Even though statistics are showing that the South Florida condo market is improving, it is still a far away from the position it once had a few years ago.

In a report by Condo Vultures, approximately 272 foreclosures were filed by lenders each day in October 2009 – all in the tri-county South Florida area. This represents an 8 percent year-over-year increase from 2008, and a whopping 86 percent increase from 2007.

The tri-county area – which includes Miami-Dade County, Broward County, and Palm Beach County – has had almost 98,000 foreclosure filings this year, slightly less compared to the 102,000 that was expected from a June 30 report via Condo Vultures Foreclosure Database.

“Foreclosure filings are up from last year but beginning to slow in volume compared to a quarter or two ago,” said Peter Zalewski, a principal with Condo Vultures. “At one time the region looked poised to eclipse the 100,000 threshold but that possibility is beginning to wane.”

In 2008, lenders filed foreclosures against 75,000 properties and 33,000 in 2007. This past year, however, has seen a 28 percent increase in filings since last year. Out of all three counties, Broward County (Ft. Lauderdale, Hollywood, and Pompano Beach) leads the pack demonstrating a 21 percent increase year-over-year from 2008. Miami-Dade (Miami Beach, Aventura and Coral Gables) saw a 10 percent increase, and Palm Beach County (Boca Raton, Delray Beach, and West Palm Beach) actually saw a 9 percent drop.