Another 338 Properties Foreclosed on This Week In Palm Beach County
The foreclosure auction business showed no signs of slowing down this week in Palm Beach County. This week news came out that Fannie Mae as warned in a 2006 internal report of abuse in the way lenders and their law firms were handling foreclosures. This 2006 report evidently stated that foreclosure attorneys in Florida “routinely made” false statement in court in an effort to more quickly process foreclosures to an article in the Wall Street Journal. The Journal report did say that the Fannie Mae report found no evidence that borrowers were improperly placed in foreclosure.
The chart above represents the actual 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 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 decreased slightly to 338 units from 356 the previous week but still well above the 6 month average.
We continue to watch the success rate of 3rd party bidders to see if the recent spike in this success rate is a story worth following. The previous week only 7.87% of the Palm Beach County foreclosure auctions went to 3rd party bidders which was the lowest success rate we have seen since the week of January 31st. This week the success rate jumped back up above 10% to 11.54% which is more in line with what we have been experiencing over the past couple months. 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. The chart below shows the success rate of 3rd party bidders on a weekly basis since we started tracking this metric.
We take great pride here at “Results Driven Real Estate” in providing our clients the very highest level of service available in the industry. If we can be of assistance in any way with questions you may have about your real estate goals throughout Palm Beach or Martin Counties please feel free to contact us at your convenience for a complimentary consultation.
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty