Foreclosure “Slowdown” Hits 8 Weeks in Palm Beach County
Week after week, report after report, it is starting to be expected that foreclosures in Palm Beach County will remain far below levels that we had been experiencing. Obviously the level of foreclosures that we have experienced over the past few years is the primary reason prices are down and future foreclosures will also be a major metric in home prices as we move forward.
What we do know is numbers are down; way down from where they were just a couple months ago. We also know the “robo-signing” issues experienced earlier in the year caused a hold on the foreclosure process for many properties in Palm Beach County. What we do not know is how much effect does one have to do with the other.
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 231 units from 179 the previous week but still in line with the lower numbers we have been seeing.
Third party bidders saw another successful week with over 10% of auctions ending in their favor. We continue to keep our eyes on these numbers as it is clear banks are happy to let some of their headaches go at this level to investors and not having to go the REO route.
Here at “Results Driven Real Estate” we are passionate about the market and love assisting each one of our clients achieve their real estate goals. If we can ever be of help in any way with your needs throughout Palm Beach and Martin Counties please feel free to contact Tom at 561 308-0175 or via e-mail at firstname.lastname@example.org. It would be my sincere honor to work with you!
Always at Your Service,
Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty