Lowest 5 Day Total Since On-line Foreclosure Auctions Began
After high numbers out of the Palm Beach County foreclosure auctions last week the numbers dropped this week and that is an understatement. In fact you could say they dropped like a large rock dropped from a hot air balloon. 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 and these are generally speaking of initial filings but this is the first sign I have seen at the end of the process. Is this the beginning of a trend and strong signal that we do see the light at the end of the tunnel. Or is this just a week when judges wanted a light load on the docket?
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 amazingly to 174 units from 354 the previous week. Talk about some damn good news!
This week are also going to say goodbye to our charting of the 3rd party success rate. We have been watching this for a while as we noticed how the number of properties being purchased by 3rd party bidders had jumped from an average of about 5% each week to numbers above 10%. This week that trend continued with 9.2% of auctions not going to the bank. There is no doubt that bank’s are letting more properties go to others and this is a good sign as well. Suffice it to say the numbers have doubled and if we see any material changes in the future we will certainly inform you. 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