Even With Good Friday Palm Beach County Foreclosure Auctions Increase
After hitting a 17 week high two weeks ago we saw a very nice pullback in the number of properties foreclosed upon last week in Palm Beach County. With a shortened auction calendar due to Good Friday I was thinking we should see another pullback this week, but we actually had a small spike. Investors continue to flock to the market purchasing foreclosures that in some cases are selling for 20% of what they were during the height of real estate mania. Cash on cash returns are outstanding and when they hit the market they are selling very quickly. As I have been shouting for a year these properties are some of the best investments one can make today with some yielding safe 10%+ returns not even factoring in the tax benefits and potential future appreciation.
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 increased to 280 units from 271 the previous week but again there were no auctions on Friday due to the holiday.
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. For the 2nd week in a row the where success rate of 3rd party bidders has moved back above 10% and this week landed at 11.07%. 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