Foreclosure Numbers Down Again in Palm Beach County; Is This a Trend?
After dropping 51% last week to the lowest 5 day total we have seen since on-line foreclosure auctions began in Palm Beach County I was antsy to see how we would follow up on that incredible news. Watching daily at the action I am happy to report as we wrap up the week that numbers again were low this week. Not as low as last week but still comparatively low and I am hopeful that this may be in fact a trend.
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 234 units from 174 the previous week. Higher yes but if we continue to see numbers in the low 200’s instead of the 300’s it is telling us something that might just be very good news for the continued improvement in the local real estate market.
Last week we said goodbye to our tracking of the third party success rate as it was getting boring and we had certainly proven that the success rate of these bidders had improved dramatically from 5% to about 10%. Then I say I am not tracking this anymore and it jumps to 15%. Go figure.
This week I want to look at the dynamics of 3rd party bidding and on Wednesday one property in Palm Beach Gardens went to a 3rd party bidder for $262,700. The bank placed their highest bid of $201,800 when a couple 3rd party bidders got involved and drove the price up $61,900 before one went home victorious. Kind of fun looking into the history of some of these properties and this one was purchased new towards the top of the market for just over $416,000. It also was somehow placed on the market as a bank owned offering in December of last year but was quickly taken off the market; oops!
Having not been in the house and assuming there were no other liens the successful bidder had to take care of it would appear that they got a good deal but certainly didn’t steal anything. The bank had a final judgement of $465,662.47 and could have bid up to that amount if they wanted to take the property back. When they stopped their bidding at $201,800 and there was only one 3rd party bidder in the action they would have picked it up for $201,900 and THAT would have been a steal. As banks lower their high bids on these properties there are deals to be had!
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