Palm Beach County Foreclosures Jump 117% in Just One Week!

As we reported to our reader’s four weeks ago, foreclosure sales in Palm Beach County are now being conducted online every Monday through Friday at 10:00 except on holidays. This week we were back to a full slate after only three auction days last week due to Thanksgiving. The full schedule, back-log from last week and other factors all add up to another record week for foreclosures in Palm Beach County. This was the second new record in three weeks and show that there are still a lot of bank owned properties out there for us to sell.

The chart above represents the advertised foreclosure sales for each week over the past six month period. We do have historical numbers going back since on-line auctions began so if anyone wants that information please contact me at your convenience. Please note that the numbers shown represent the total advertised 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 increased to 450 units from 207 the previous week and an increase of over 117%.

The recent news of many of the large banks “freezing” foreclosures due to questions about the legality of these foreclosures is still with us. This has created a big mess in the real estate industry that is still being sorted out. Hundreds and hundreds of listings, contracts and sales are still on hold and it is still too early to see how long this problem will take to clear up. Over the past couple days we are seeing large amounts of these homes released and put back on the market. I have one client who has patiently been waiting for 7 weeks since their offer on a REO was verbally accepted and today it looks like we are finally back in the saddle. Watch my blog next week to see if these releases causes any significant increases in inventory levels.

It was also an incredible week for the success of third party bidders with 53 of this week’s 450 sales not going to the lender. This is by far the highest percentage than we have been seen to date so congratulations to those who picked up a bargain this week. These foreclosures represent some of the best opportunities for buyer’s in today’s market. If you would like to learn how to find one that meets your needs perfectly please give me a call at your convenience. 

A professional real estate agent watches the market trends very closely as the data is very important to our clients, whether they are buying or selling, to paint a picture of where the market may be heading. If you would like any additional information on a specific home, neighborhood, or community please feel free to contact me. I am easily reached at 561 308-0175 or via e-mail at tom@tompriester.com and would be happy to be of assistance. After just one call you will know why “Results Driven Real Estate” is your top choice for professional real estate services in Palm Beach and Martin Counties.

 
Always at Your Service,
 
Tom Priester   e-PRO
“Results Driven Real Estate”
 
Keller Williams Realty
561 308-0175
tom@tompriester.com

http://www.tompriester.com

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Tom Priester

After spending years among the top individual performers at one of Palm Beach County’s largest and most successful real estate brokerages, Tom Priester knew there was another way to do real estate. A better way. Real estate services focused on the customer. Like the old days when the customer truly was #1. He tired of listening to why he should be going out to have his customers sign one sided buyers’ brokerage agreements. He tired of hearing how he should be selling customers why paying higher commissions, like 7% and 8%, was to their benefit. He tired of hearing how he should sell his clients on why they should be paying hundreds of dollars in additional “transaction fees”. The business had slid way too far from being focused on the customer. His customer. So he decided the time was right to be different…..by design. To start his own unique boutique real estate firm truly focused on his customers. They will now have access to a process focused on them. Only the best marketing techniques to sell their homes. No cutting corners. Commission structures based on his clients needs not his. Paradise Sharks was born out of Tom’s passion to return this business to the customer. Where it belongs. If you want a real estate experience that benefits you, just give Tom a call at 561 308-0175 or send him an e-mail at tom@paradisesharks.com. You can always pay more and receive less but that just would not make any sense. Would it?

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