Another 325 Properties Foreclosed on This Week In Palm Beach County
The foreclosure auction business again showed no signs of slowing down this week in Palm Beach County. This week Clear Capital published a report showing how foreclosed homes continue to be a drag on housing prices across the country. Here in southeast Florida the real estate market has shown amazing strength and we are doing a great job of absorbing the REO inventory that hits the street. Just this week we made offers on three bank owned listings and finally got a contract after each received multiple bids.
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 325 units from 338 the previous week and 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 11.54% of the Palm Beach County foreclosure auctions went to 3rd party bidders which was back up in the range we have become accustomed since the week of January 31st. This week the success rate fell way back to 4.92% which is the lowest level since the week of December 13th. 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