10th Straight Week of 3rd Party Bidder Supremacy
Our third full week of 2012 foreclosure auctions in Palm Beach County and the numbers once again show a continuation of higher foreclosure numbers. And once again the success rate of third party bidders remains high as well. Investors who play the auction game are snapping up bargains and continue to bid, bid, bid. We have projected a higher number of foreclosures for 2012 and so far the numbers seem to back this projection but we are still early into the game. We just finished our fourth week out of the previous five weeks with a weekly schedule shortened by holidays but we now get four straight weeks with a five day auction schedule.
It certainly seems like the county clerk can adapt to shortened auction weeks as the only week of 2012 without a holiday has provided the lowest weekly total of foreclosures. The back-log of foreclosures due to legal issues raised last year should continue to keep the clerk busy even though initial filings remain lower spelling good news down the line.
The chart above shows you the six-month trend of foreclosures in Palm Beach County where we still have an auction every day of the week Monday through Friday. This week the actual foreclosure numbers increased again after taking a step backward last week for the first time in five weeks. So with increases in 5 of the past 6 weeks we can hope for better days ahead. This week 295 properties were foreclosed upon up slightly from the 292 foreclosed upon the previous week. We remained well above the 6 month average which currently stands at 203 and also well ahead of the 235 units foreclosed on in the same week of 2011.
We also see the trend continue of banks lowering their top bid amount at the auctions in what appears to be a cognizant decision to let investors take over some of their headaches. Believe me most of those investors participating in these auctions have a very good handle on what they are doing; and they are doing it at a profit. Sometimes a substantial one so it is fair to say that a lean mean and smart investor can more efficiently handle a piece of real estate that a lender can. The fact is these banks are so big and poorly run they remind me of our government. Once again this week the third party bidders had another excellent showing winning 15.93% of the auctions which is the 10th straight week where those numbers have exceeded 15%. Look back to the same week last year when 3rd party bidders took home the prize only in 8.94% of that week’s auctions and the difference is plain to see.
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 email@example.com. It would be my sincere honor to work with you!
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty