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 firstname.lastname@example.org 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