After Big Foreclosure Auction Numbers Last Week Things Simmer Down
After huge numbers out of the Palm Beach County foreclosure auctions last week things came back to “normal” this week. The big news came today when the County court ruled to restart approximately 9,000 stalled foreclosure cases that had been previously been handled by David Stern. This was big news and keeps us on track to keep working through these foreclosures which really needs to be done before we can start seeing any significant pricing increases. They could have thrown out 500 of these cases today which would have slowed down the entire process and only served to lengthen the time it takes before we get back to normal.
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 significantly to 292 units from 386 the previous week.
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. Over the past few months we have seen the success rate double from what we had been experiencing and we continue to see some back and forth on the actual percentages and this week that rate was up big to 13.01% the highest number we have seen for 8 weeks. The higher that number the fewer foreclosures the banks have to deal with. 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