From Steeplechase, to PGA National, and Eastpointe to Woodbine there are 233 foreclosures in these and many other Palm Beach Gardens communities, according to RealtyTrac, an online company that tracks foreclosures throughout the country. And there are an additional 147 properties in pre-foreclosure stages.
There may be some very good deals out there!!
Foreclosures are rising in Palm Beach Gardens, West Palm and many Palm Beach County communities as well as throughout the State of Florida. In fact, there were more homes in foreclosure or in some stage of foreclosure in Palm Beach Gardens during February than there were in the entire state of Rhode Island.
For February, Florida holds the unfortunate distinction of have the largest number of homes in foreclosure or in some stage of foreclosure, more than 19,000, of any state in the nation.
These numbers are reflective of the overheated real estate market we saw during the past three or four years. Investors bought properties and flipped them for highly inflated prices in the early stages of the boom. Others took advantage of sub-prime lending without fully realizing their interest rates would climb higher than their ability to pay. Still others borrowed on the value of their homes, anticipating home values would rise significantly higher than their loans.
In our cooling real estate environment so many who played the high stakes real estate game have been caught short and banks are stepping in to claim the property.
If you are interested in looking at the local foreclosure market, please contact me and I will be glad to work with you as your buyer representative.