11th Straight Week of 3rd Party Bidder Supremacy
Finally after 3 weeks of much higher foreclosure numbers in Palm Beach County a reprieve and who knows maybe the start of a reversal in trend. Our fourth full week of 2012 foreclosure auctions in Palm Beach County brought the number of weekly foreclosures below 200 for the first time in 7 weeks. Third party vendors continue to grab a large percentage of the prizes to continue the trend of banks letting properties go to others.
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 decreased significantly after we have been experiencing much higher numbers to start off the new year. The higher numbers had us hoping for better days ahead and last week fit the bill. Last week 186 properties were foreclosed upon up big time from the 295 foreclosed upon the previous week. With that drop we fell below the 6 month average which currently stands at 203 for the first time in many weeks. We also were about 35% lower than the 285 units foreclosed on in the same week of 2011.
Once again this week the third party bidders had another excellent showing winning 16.13% of the auctions which is the 11th 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 4.83% of that week’s auctions and the difference is plain to see. Bargains are to be had and when they present themselves bidders are ready, willing and able to jump into the fray. One property this week where Washington Mutual had a final judgement in the amount of $1,095,228 is a perfect example. Their decision makers decided they would stop their biding at $306,800 which was only 28% of their final judgement amount. Three 3rd party bidders went at it from there and after 17 other bids were placed two dropped out leaving the last standing bidder victorious at $341,100. They grabbed a property for over three quarters of a million dollars less than the banks judgement.
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 firstname.lastname@example.org. It would be my sincere honor to work with you!
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty