Palm Beach County Foreclosures Down for the 15th Week Straight
I am loving the continued slow down of foreclosures in Palm Beach County. I mean really loving it! This week to bring an even bigger smile to my face almost 20% of all this weeks auctions went to third party bidders which is the highest number we have seen to date this year. Banks are letting properties go and the faster they do the sooner we finally work our way out of the great real estate bubble.
There continues to be great news out of the Palm Beach Clerk’s office as foreclosures remain at very low numbers compared to what we had become accustomed to. The chart above shows the 6 month trend of foreclosures in Palm Beach County and we do have historical numbers going back to February 1, 2010 when we began the on-line bidding process. Please note that the numbers shown represent the total sales for that week but are not broken down into sales that were sold to the Plaintiff or sold to a third party. This week, the actual foreclosure auction numbers decreased slightly to 138 units from 139 the previous week and still well below the six month average which sits at 239. Last year during the same week we had 260 foreclosures so we are seeing a remarkable drop off. As we have also reported the “robo-signing” debacle may be the cause of this slow down in activity but it is really hard to say and I for one hope that we do not see another spike up to previous levels.
As we said above third party bidders had an amazing week with over 18% of auctions ending in their favor; this is the 14th week in a row those numbers have been in excess of 10%. We continue to keep our eyes on these numbers as it is clear banks are happy to let some of their headaches go at this level to investors and not having to go the REO route.
Here at “Results Driven Real Estate” we are passionate about the market and love assisting each one of our clients achieve their real estate goals. If we can ever be of help in any way with your needs throughout Palm Beach and Martin Counties please feel free to contact Tom at 561 308-0175 or via e-mail attom@tompriester.com. It would be my sincere honor to work with you!
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
561 308-0175
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