Palm Beach County Foreclosures Pick Up Again Last Week
After lower numbers out of the Palm Beach County foreclosure auctions last week the numbers jumped back up this week. We are seeing a lot of news lately about how foreclosures are down; in fact one report last week reported a 40- month low across the country. This may in fact be true in pre-foreclosure filings but things certainly have not slowed down at the daily auctions in Palm Beach County.
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 significantly to 354 units from 292 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 at 10.17% as banks are happy to let more properties go to others. 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